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California Proposition 8, Insurance Tax Amendment (1966)

From Ballotpedia
California Proposition 8
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Election date
November 8, 1966
Topic
Insurance
Status
ApprovedaApproved
Type
Constitutional amendment		Origin
State legislature

California Proposition 8 was on theballot as alegislatively referred constitutional amendment inCalifornia onNovember 8, 1966. It wasapproved.

A“yes” votesupported limiting the amount of property taxes on the principal office of insurance companies that can be deducted from the insurance tax and including reciprocal or inter-insurance exchanges with their attorneys in the constitutional definition of "insurers".

A“no” voteopposed limiting the amount of property taxes on the principal office of insurance companies that can be deducted from the insurance tax and including reciprocal or inter-insurance exchanges with their attorneys in the constitutional definition of "insurers".


Election results

California Proposition 8

ResultVotesPercentage

ApprovedYes

2,881,38856.76%
No2,195,02743.24%
Results are officiallycertified.
Source


Text of measure

Ballot title

The ballot title for Proposition 8 was as follows:

“Taxation: Insurance Companies; Home or Principal Office Deduction”

Ballot summary

The ballot summary for this measure was:

“Legislative Constitutional Amendment. Establishes formula and limits amount of real property taxes on home or principal office buildings deductible from gross premiums tax by foreign insurers immediately, and by domestic insurers on home or principal office buildings commenced after .January 1, 1970. Redefines term "insurer" so that reciprocal or interinsurance exchanges together with their attorneys in fact be considered as single unit.”

Full Text

The full text of this measure is availablehere.


Path to the ballot

See also:Amending the California Constitution

Atwo-thirds vote was needed in each chamber of theCalifornia State Legislature to refer the constitutional amendment to the ballot for voter consideration.

See also


External links

Footnotes

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