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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (626983)9/6/2011 11:54:13 AM
From: tejek1 Recommendation  Read Replies (3) of 1576181
 
L.A. mayor: Lift Prop. 13 tax limits on commercial property

With state and local governments facing continued financial crisis, Mayor Antonio Villaraigosa called Tuesday for sweeping changes to state tax laws, including lifting Proposition 13's limits on commercial property rates. Speaking to the Sacramento Press Club, Villaraigosa called for changes to the state measure that has long been seen as an untouchable "third rail" of California politics. "We need to strengthen Prop. 13 and get it back to the original idea of protecting homeowners," Villaraigosa said. "Prop. 13 was never intended to be a corporate tax giveaway, but that is what it has become." Proposition 13, approved by voters in 1978, places strict limits on how much property taxes can be raised every year. While government officials have complained for years about its limits on their ability to raise revenue, it has remained popular with taxpayers and politically difficult to challenge.

Limiting Proposition 13's protections to only residential property owners could yield anywhere from $2.1 billion and $8 billion in new revenue for the state, which should be spent on education and housing, Villaraigosa said. His plan would likely require voter approval and he suggested it could be dubbed the Homeowner and Public Education Protection Act, although he has not released a formal proposal. He also proposed a tax on services in California, which he projected could generate up to $28 billion in revenue.

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