California to vote on business tax hike worth up to $12B
Last updated 5/29/2020 at 4:14pm
SACRAMENTO (AP) — California voters in November will decide whether to increase property taxes on commercial and industrial land to raise up to an estimated $12 billion annually for public schools and city halls across the state.
The ballot measure contest will pit big city mayors and pro-labor groups against the business community that resist tax increases, particularly during a pandemic-induced recession. Advocates say the state's largest landowners are gaining from a tax loophole that deprives schools and local governments from tax revenue.