39

Elimination of tax break for multistate businesses

Election results

Votes Pct.
Yes 5,378,431 60.1%
No 3,568,253 39.9%

If it passes

Proposition 39, sponsored by hedge-fund manager Tom Steyer and a coalition of environmental and "green" business groups, would raise an estimated $1 billion annually by eliminating a corporate tax break the state Legislature created in 2009.

That break allows multistate businesses to use either of two formulas to calculate how much they owe: one tied to their sales here, the other to their sales, payroll and property in the state. The law would require multistate businesses, except for certain cable TV operators, to pay taxes based solely on their sales in California.

Half the money raised by the initiative, up to $550 million, would be dedicated to alternative energy and energy efficiency projects at public buildings. The rest would go into the state's general fund.

— Los Angeles Times

Official summary and analysis

Editorial: The Times' take

Tracking the money

A total of 78 individual contributions have been made to nine committees supporting and opposing Proposition 39, raising $32,936,455. About 100% of the money raised has been to support the proposition. The list below shows the top individual contributions supporting and opposting the measure. Follow the links for additional detail.

Support
$32,891,455
Oppose
$45,000
Support contributions by state
$1
$10K
$100K
$500K
$1M
+
State Amount %
California $32,442,503 98.6%
Out of state $448,952 1.4%
Opposition contributions by state
$1
$10K
$100K
$500K
$1M
+
State Amount %
California $5,000 11.1%
Out of state $40,000 88.9%
Single contributions by size
Support
Oppose
Largest single contributions in support
# Name Date Amount
1 Thomas F. Steyer May 30, 2012 $20,000,000
2 Thomas F. Steyer Oct. 19, 2012 $3,980,000
3 Thomas F. Steyer Oct. 23, 2012 $2,700,000
4 Thomas F. Steyer Nov. 1, 2012 $1,000,000
5 Thomas F. Steyer Feb. 28, 2012 $900,000
6 Thomas F. Steyer Jan. 27, 2012 $600,000
7 Thomas F. Steyer Feb. 9, 2012 $400,000
8 California State Council of Service Employees Issues Committee Oct. 5, 2012 $350,000
9 Yes On 39: Californians To Close the Out-Of-State Corporate Tax Loophole Sept. 14, 2012 $300,000
10 California State Council of Service Employees Issues Committee Sept. 7, 2012 $250,000
Largest single contributions in opposition
# Name Date Amount
1 General Motors Aug. 17, 2012 $20,000
2 Kimberly-Clark Corporation Aug. 13, 2012 $10,000
3 Kimberly-Clark Corporation Aug. 8, 2012 $10,000
4 International Paper July 13, 2012 $5,000

Additional coverage

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* The totals for contributions to Proposition 39 include those from three committees working to support or oppose multiple propositions. The $2,474,305 raised is included in the totals for each proposition. This could skew the totals reported here.

* Committees campaigning for or against a proposition can contribute money to other committees working to support or oppose any of the propositions on the November ballot. To date, this committee-to-committee giving accounts for about $20.4 million. Also, totals for propositions do not include unitemized contributions under $100.

Credits: Lorena Iniguez Elebee, Stephanie Ferrell, Robert Greene, Alexandra LeTellier, Maloy Moore, Anthony Pesce, Ben Welsh.

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