Thank you for visiting SNEWPapers!
Sign up free
Imperial Valley Press
El Centro, Imperial County, California
What is this article about?
In Sacramento, California, on Feb. 22, opposition is expected in the assembly to the tax commission's 4% income tax program on banks and corporations, adopted in November. Assemblyman Percy West's bill lacks real estate tax offset; Assemblyman Morgan Keaton's alternative gains support from the state board of equalization. Bill must pass next week.
Clipping
OCR Quality
Full Text
BY HOMER I. ROBERTS
(United Press Staff Correspondent)
SACRAMENTO, Calif., Feb. 22
Stormy opposition to the California tax commission's program for carrying out the 4 per cent income tax on banks and business corporations, adopted at the November election, is expected to break Monday morning in the assembly.
This measure, introduced by Assemblyman Percy West of Sacramento, fails to provide for a 10 per cent offset for real estate taxes paid locally, as sought by real estate interests at a public hearing on the proposal.
The tax bill, in whatever shape it is finally agreed upon, must be adopted next week, it was pointed out, as the tax levy is made, according to law, the following Monday.
Considerable interest centers around the substitute tax proposal of Assemblyman Morgan Keaton of Long Beach, which appears to be gaining support. Keaton would place a 4 per cent tax on net incomes of banks and finance corporations.
All other business corporations, except public utilities, would be taxed as at present, on shares of their capital stock.
Keaton's measure, it is understood, has the support of the state board of equalization.
What sub-type of article is it?
What keywords are associated?
What entities or persons were involved?
Where did it happen?
Domestic News Details
Primary Location
Sacramento, Calif.
Event Date
Feb. 22
Key Persons
Outcome
the tax bill must be adopted next week as the tax levy is made the following monday.
Event Details
Stormy opposition to the California tax commission's program for carrying out the 4 per cent income tax on banks and business corporations, adopted at the November election, is expected to break Monday morning in the assembly. This measure, introduced by Assemblyman Percy West of Sacramento, fails to provide for a 10 per cent offset for real estate taxes paid locally, as sought by real estate interests at a public hearing on the proposal. Considerable interest centers around the substitute tax proposal of Assemblyman Morgan Keaton of Long Beach, which appears to be gaining support. Keaton would place a 4 per cent tax on net incomes of banks and finance corporations. All other business corporations, except public utilities, would be taxed as at present, on shares of their capital stock. Keaton's measure has the support of the state board of equalization.