September 4, 1985 |
Attempts to negotiate a compromise on heavily lobbied unitary-tax repeal legislation failed Tuesday, leaving the $258-million tax-break proposal for multinational corporations hanging in legislative limbo. The development came when the Assembly Ways and Means Committee battled to a standoff and Republican supporters moved to adjourn the hearing, rather than call a vote on the bill. Assemblyman William P.
June 21, 1994 |
The Supreme Court on Monday upheld California's use of the so-called unitary taxing method for multinational corporations, a decision that spares the state from paying refunds that could have amounted to nearly $2 billion. But the 7-2 ruling came a year after the state essentially abandoned the taxing approach, which had caused irritation in foreign capitals.
August 22, 1985 |
Gov. George Deukmejian, in a rare break with California business as he heads into a reelection campaign next year, said Wednesday he still supports proposed unitary tax repeal legislation even though state corporate executives contend it would hurt them by providing major tax breaks for foreign competitors. "I doubt very seriously that their fortunes are going to rise or fall based upon the amount of state taxes that they pay," said Deukmejian of the California corporations.
December 5, 1990 |
British-owned Barclays Bank and other multinational corporations doing business in California cheered a state appeals court decision declaring the state's method of unitary taxation unconstitutional. California officials immediately vowed to appeal the ruling issued late Monday by a panel of the 3rd District Court of Appeal in Sacramento.
May 12, 1992 |
In a decision that could help revenue-starved California retain billions of tax dollars, the state Supreme Court on Monday rejected a major challenge to a method used to tax foreign multinational corporations. The court granted an important victory to state officials in rejecting claims by multinational firms, backed by the Bush Administration, that the so-called "unitary tax" improperly interfered with the federal executive branch's authority to conduct foreign policy.
CALIFORNIA | LOCAL
August 31, 1985 |
Some of the major international corporations that stand to gain the most from repeal of California's unitary tax system are disputing the payment of millions of dollars in taxes the state claims they owe. Reports of the tax disputes involving these businesses have dribbled out in recent days and are linked to the intense lobbying effort under way at the Capitol to pass unitary tax reform legislation.