Props 2010/24/
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PROPOSITION 24 -- CORPORATE TAXES
Repeals recent legislation which lowered corporate taxes by allowing businesses to shift operating losses to prior tax years; expanding the time in which losses can be shifted; allowing businesses to share tax credits with affiliated corporations; and allowing multi-state companies to use a sales-based income calculation rather than one based on property, payroll, and sales. Major funding support provided by California Teachers Association ($2.2 million). Major opposition funding provided by Fox Group, Time Warner, CBS, General Electric, Cisco Systems, Amgen, Walt Disney Company, and Genentech, Inc.
