California Proposition 167, Tax Increases and Impositions Initiative (1992)
| California Proposition 167 | |
|---|---|
| |
| Election date | |
| Topic Taxes | |
| Status
| |
| Type Initiated state statute | Origin |
California Proposition 167 was on theballot as aninitiated state statute inCalifornia onNovember 3, 1992. It wasdefeated.
A“yes” votesupported increasing the state income tax for certain taxpayers, increasing the income tax rates for corporations and the premium tax rates for insurers, increasing the tax liability of banks and corporations, and imposing a new oil severance tax. |
A“no” voteopposed increasing the state income tax for certain taxpayers, increasing the income tax rates for corporations and the premium tax rates for insurers, increasing the tax liability of banks and corporations, and imposing a new oil severance tax. |
Election results
California Proposition 167 | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 4,293,460 | 41.16% | ||
| 6,136,895 | 58.84% | ||
Text of measure
Ballot title
The ballot title for Proposition 167 was as follows:
| “ | State Taxes. | ” |
Ballot summary
The ballot summary for this measure was:
| “ | STATE TAXES. INITIATIVE STATUTE. • Increases state tax rates for top personal income taxpayers. • Temporarily suspends indexing on top personal income tax brackets. • Increases income tax rates for corporations and premium tax rates on insurers. • Defines corporate income to include specified excess employee compensation. • Increases tax liability of banks and corporations doing business within and outside California. • Provides for reappraisal of most business-owned real property upon specified change in ownership interests. • Imposes new oil severance tax. • Changes tax rules related to oil and gas production. • Repeals 1991 sales tax increases. • Provides for renters' tax credits. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: • Increases state tax revenues by roughly $340 million in 1992-93, and $210 million annually through 1995-96. Additional annual revenue increases of roughly $1 billion beginning in 1996-97. • Replaces state expenditures on schools with increased local property tax revenue of $350 million to $700 million annually beginning in 1993-94. • Increases property tax revenue to local governments by $750 million to $1.4 billion annually, beginning in 1993-94. Reduces sales tax revenue to local governments by about $95 million in 1992-93 and $200 million annually thereafter. • The actual fiscal impact could differ significantly from these estimates, depending on how individuals and businesses respond to the measure's tax changes. | ” |
Full Text
The full text of this measure is availablehere.
Path to the ballot
In California, thenumber of signatures required for aninitiated state statute is equal to 5 percent. For initiated statutes filed in 1992, at least 384,974 valid signatures were required.
See also
External links
Footnotes
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- California 1992 ballot measures
- State ballots, 1992
- State Ballot Measure, November 3, 1992
- Defeated, 1992
- Defeated, November 3, 1992
- California 1992 ballot measures, certified
- Taxes, California
- Taxes, 1992
- Certified, taxes, 1992
- Initiated statute certified for the 1992 ballot
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