Prop39

New Year, New Taxes Thanks to Props 30, 39

Jan 2, 2013
Photo used under Creative Commons from Andy Patterson / Modern Relics / http://www.flickr.com/photos/modernrelics/4461010654/

California taxes are going up in the new year – with higher sales and income tax rates … and a new requirement for out-of-state businesses to calculate their taxes the same way in-state businesses do. In November, voters approved two ballot measures that deal with taxes. Proposition 30 raises the sales tax a quarter of a cent to 7.5 percent, starting in the new year It also raises the income tax on Californians earning at least 250-thousand-dollars a year by up to three percent. That increase...

Proposition 39: Corporate Tax Law

Oct 19, 2012

Next in our series on California's November ballot measures, we take a look at Proposition 39. It would change a critical piece of corporate tax law and provide more money to the state – but higher taxes for some businesses. It was called “the most boring proposition on the 2012 ballot” by a San Diego blogger. The writer has a point. It revolves around a corporate tax formula known as the “single sales factor.” But when you consider that corporate taxes accounted for nearly 10 billion dollars...