Calif. Corporation Tax Share Halved Since 1950s: Report

Law360, New York (March 17, 2014, 2:29 PM EDT) -- California's corporate income tax revenue share has declined precipitously over the decades, and this year the tax will provide half as much revenue percentage-wise as it did in the 1950s and 1960s, says a letter issued Wednesday by the state Legislative Analyst's Office.

The drop in corporation tax revenue share occurred because property and income taxes grew to comprise a dramatically larger share of the state's tax revenue, the office said. However, corporate income taxes still claim an above-average share of overall state tax revenues as...
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