Requires multistate businesses to pay income taxes based on
percentage of their sales in California. Dedicates revenues for five
years to clean/efficient energy projects. Fiscal Impact: Increased state
revenues of $1 billion annually, with half of the revenues over the
next five years spent on energy efficiency projects. Of the remaining
revenues, a significant portion likely would be spent on schools.
What a Yes vote means:
A YES vote on this measure means: Multistate businesses would no longer be
able to choose the method for determining their state taxable income that is most advantageous for them. Some multistate businesses would have to pay
more corporate income taxes due to this change. About half of this increased tax revenue over the next five years would be used to support energy efficiency and alternative energy projects.
What a No vote means:
A NO vote on this measure means: Most multistate businesses would continue to be able to choose one of two methods to determine their California taxable income.
Information from the 2012 California Secretary of State Voter Information Guide