From Ballotpedia

Not on Ballot
This measure did not or will not appear on a ballot

A California Tax on Life Insurance Distributions to Employers Initiative (09-0009) was intended for but will not be on the 2010 state ballot. In early December 2009, the California Secretary of State announced that it had failed to collect sufficient signatures during the allowed signature-collection period of 150 days.

Gregory Smith was the measure's official proponent.

The proposed initiative, an initiated state statute, had these provisions:

• Life insurance proceeds received by an employer upon the death of a former or retired employee will be considered taxable gross income when the employer lacks an "insurable interest" in the employee.
• Non-profit/charitable organizations are exempted.

Fiscal impact

The California Legislative Analyst's Office estimated the fiscal impact on state and local government as:

"State revenue increases of up to several millions of dollars from higher business income taxes in some years."

See also

• California signature requirements

External links

• Letter to Attorney General requesting ballot title

---

This California-related article is a stub. You can help people learn about California politics by expanding it.