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10/5/2012 |
General |
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Chamber Makes Recommendation on Prop 39 |
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The Oceanside Chamber of Commerce Board of Directors and the Public Policy Committee have reviewed the proposed Proposition 39 on the ballot this November. The proposed measure is titled: Tax Treatment For Multistate Businesses. Clean Energy And Energy Efficiency Funding. Initiative Statute.
This statute would require multistate businesses to calculate their California income tax liability based on the percentage of their sales in California. It would also repeal existing law giving multistate businesses an option to choose a tax liability formula that provides favorable tax treatment for businesses with property and payroll outside California. It would dedicate $550 million annually for five years from anticipated increase in revenue for the purpose of funding projects that create energy efficiency and clean energy jobs in California.
The OCC Board of Directors has taken a position against this ballot measure since it would increase taxes on job-creating companies which would result in the loss of thousands jobs in California.
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