California Democrats propose higher business taxes to pay for homeless programs

California Democrats propose higher business taxes to pay for homeless programs

SACRAMENTO – Democratic state and local leaders are pushing for an increase in California’s corporate tax rate to tackle the state’s homelessness crisis, a proposal that could generate billions of dollars in new funding but which risks becoming law.

A coalition of state lawmakers, big city mayors and housing advocates on Wednesday introduced a bill, AB71, that would raise the tax rate by almost 0.8% for businesses that earn more than $ 5. million dollars in annual revenue in the state. It would also tax California-based companies on the income they earn from intellectual property, such as patents and trademarks, owned by their foreign affiliates.

Supporters estimate that the bill could generate $ 2.4 billion per year to build supportive housing and emergency shelters,…

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