California End State Taxes at Age 55 Amendment (2010)
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A California End State Taxes at Age 55 Amendment (09-0045) did not qualify for the November 2, 2010 ballot in California as an initiated constitutional amendment.
On October 1, 2009, Lee W. Olson filed a request with the Office of the California Attorney General for an official ballot title on an act that he is calling the "Freedom From Slavery Act."
The attorney general's office has provided that title, so the measure is cleared for circulation with a circulation deadline of April 23, 2010.
Proposed changes
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If this measure succeeds, it will add a new Section 32 to Article I of the California Constitution, which will read:
- "Every resident of the State of California shall be exempt from all forms of State of California income and property taxes beginning the year following the 55th anniversary ofthe birth ofthe resident and continuing every year of residency thereafter until, and including the day of, the resident's death nor shall any form of estate tax be levied on the resident's estate."
Details
Ballot title: Eliminates State Income and Property Taxes for All Residents 55 Years Old and Older. Initiative Constitutional Amendment.
Official summary: Exempts California residents who are 55 years old or older from paying state income and property taxes.
Estimated fiscal impact: Annual state revenue losses of $15 billion or more due to new exemptions on personal income and estate taxation. Annual local government revenue losses of $5 billion to $10 billion due to new exemptions on property taxes.
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