California Proposition 3, Corporation Taxation Amendment (1928)
From Ballotpedia
| California Proposition 3 | |
|---|---|
 | |
| Election date November 6, 1928 | |
| Topic Taxes | |
Status Approved | |
| Type Constitutional amendment | Origin State legislature |
California Proposition 3 was on the ballot as a legislatively referred constitutional amendment in California on November 6, 1928. It was approved.
A “yes” vote supported adjusting taxation on banks, financial corporations, mercantile corporations, manufacturing corporations, and business corporations.
A “no” vote opposed adjusting taxation on banks, financial corporations, mercantile corporations, manufacturing corporations, and business corporations.
Election results
|
California Proposition 3 |
||
|---|---|---|
| Result | Votes | Percentage |
|
|
899,351 | 73.10% |
| No | 330,872 | 26.90% |
Text of measure
Ballot title
The ballot title for Proposition 3 was as follows:
Ballot summary
The ballot summary for this measure was:
| “ | Assembly Constitutional Amendment 1. Adds Section 16 to Article XIII. Substitutes for state bank share and corporation franchise tax on banks and other financial, mercantile, manufacturing and business corporations equaling four per cent their net income, allowing them, except banks, personal property tax offset up to nine-tenths state tax. Authorizes legislative change in method of taxing banks and such corporation without constitutional amendment. Taxes intangibles three mills per dollar on their actual value for benefit of local subdivisions. Permits Legislature to change such offset or any rate by two-thirds vote, limiting rate on intangibles to four mills. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
- See also: Amending the California Constitution
A two-thirds vote was needed in each chamber of the California State Legislature to refer the constitutional amendment to the ballot for voter consideration.
