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AB 4682 Would Close Corporate Loopholes
18 May 2010
ACCE members are fighting for the passage of AB 2492, authored by Assembly member Ammiano is sponsored by ACCE sand CTRA, the California Tax Reform Association.
Since the inception of Proposition 13 in 1978, research has shown that residential properties in our state pay far more in property taxes than commercial and industrial properties. AB 2492 would close a major loophole in our property tax system that allows major multinational corporations to avoid hundreds of millions of dollars in taxes at a time when our state is cutting billions from education and vital health and human services programs, virtually eviscerating our states' safety net at a time when families may need it the most.
AB 2492 does not create a new tax or revenue source, but will help county assessors bring in much needed revenue that is already supposed to be paid.
On May 10, 2010 AB 2492 was heard in the Assembly Revenue and Tax Committee and passed on a 6-3 vote. By the first week of June, the bill will move to the Assembly floor and ACCE expects the legislature to stand with California families and make corporations pay their fare share and close a major loophole that is starving our state's general fund.