Proposition 24: Eliminates three business tax provisions
Available once the California Secretary of State has certified the election. This can take up to 3 weeks or more.
Three business tax provisions would return to what they were before 2008 and 2009 law changes. Businesses would be less able to deduct losses in one year against income in other years, multistate businesses would have their California income determined differently, and businesses would not be able to share tax credits with related businesses.
Supporters say that Proposition 24 stops $1.7 billion in new special tax breaks for wealthy, multi-state corporations. They claim that these corporations get unfair tax loopholes without creating any new jobs while small businesses get virtually no benefit.
Opponents say Proposition 24 would hurt small businesses, tax job creation, and send jobs out of California, costing 144,000 jobs.
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