LOS ANGELES, Calif.—Proposition 39 on today’s ballot would require multistate businesses to calculate their California income tax liability based on the percentage of their sales in California.
The initiative would generate $500 million in the 2012-2013 fiscal year and $1 billion in each fiscal year beginning in the 2013-2014 fiscal year, according to an estimate from the Legislative Analyst’s Office and Director of Finance Ana J. Matosantos.