TITLE

California Revenue Raisers

AUTHOR(S)
Finestone, Deoborah
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/17/2003, Vol. 344 Issue 31617, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Two bills that would make it easier for local governments in California to raise various taxes are among the many legislative proposals aimed at raising revenue to close a 35 billion dollar state budget shortfall during the next 15 months as of May 15, 2003. One bill would allow local governments to levy income taxes, and another bill would lower the voter threshold needed to increase or create special or general taxes. AB 1690, authored by the legislator Mark Leno, would allow local governments to form a public safety finance agency for fire protection, police, or sheriffs, which could then levy a local general income tax if approved by a majority of voters. If a local income tax is approved, property tax revenue from the local government would be assigned to the public safety agency in an amount equal to 50 percent of the revenue estimated to be collected from the local income tax in the first year.
ACCESSION #
9766460

 

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