This site dedicated to Proposition 39 that passed in California with 61% of the votes.
The proposition aimed at closing a tax loophole with the hopes that companies would not move out of state and keep more jobs in the state.
Since 1966, all companies doing business in the State of California could choose which income tax method they wanted to use, now that is no longer the case. If you do business in CA, you must use the single-sales factor method, which only uses sales to calculate income tax.
The California Legislative Analyst’s Office said that Proposition 39 might generate $1 billion in additional tax revenue and about 40,000 new jobs. The additional funds collected from this new tax have stipulations as to how the State can spend the money.
During the first five years half of the tax money needed to go towards clean energy projects or jobs. The other half of the tax revenue goes into the State’s General Fund. After five years all the extra tax revenue will go towards the general fund.
We plan on provided current news regarding clean energy jobs, the emerging clean energy market, and other related topics.
Side note: We can add the .pdf that I put on the Trello card maybe on this page?? Just a thought or suggestion.