Corporation tax initiative will have opponents
Voters may have the chance to repeal corporate loopholes in what could be an epic and expensive ballot measure fight next year. The measure, submitted last week by a liberal taxpayer advocate and a pair of labor groups, seeks to reverse three corporate tax breaks before they take full effect at more than $2.5 billion a year. Lawmakers agreed to the loopholes as part of budget agreements last fall and in secret negotiations in February. “These loopholes showed how special interests with a handful of (Republican) votes were able to hold up the budget and walk away from secret negotiations with a pretty good deal,” said Lenny Goldberg, executive director of the California Tax Reform Association, who teamed up with two labor groups, the American Federation of State, County and Municipal Employees and the California Federation of Teachers, to file the initiative with the Attorney General’s office.