SACRAMENTO — State and local Democratic leaders are pushing for an increase in California’s corporate tax rate to tackle the state’s homelessness crisis, a proposal that could generate billions of dollars in new funding but faces long odds to becoming law. A coalition of state legislators, big-city mayors and housing advocates introduced a bill Wednesday, AB71, that would raise the tax rate by nearly 0.8% for companies that earn more than $5 million in annual revenue in the state. It would also tax California-based corporations for the revenue they earn from intellectual property, such as patents and trademarks, held by their foreign subsidiaries. Supporters estimate the bill could generate $2.4 billion a year to build supportive housing and emergency shelters, offer rental assistance and provide other services to the more than 150,000 homeless Californians. “Our state is facing an unprecedented homelessness crisis that is on the verge of becoming a full-blown catastrophe due to the economic impacts of COVID-19,” Assembly Member Luz Rivas, a North Hollywood Democrat who is carrying the measure, said at a virtual news conference. “It’s clear that our current structure and one-time investments from the state are not always working, and people know it.” Under the… Read full this story
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