On June 10, Senators Loni Hancock and Holly Mitchell, two of California’s most courageous and progressive leaders, joined the Make It Fair movement and introduced the Property Tax Fairness Amendment (SCA 5) – a constitutional amendment that will close corporate property tax loopholes created by Prop 13.
The amendment would:
- Generate an estimated $9 billion in new revenues for schools, community colleges and local neighborhood services
- Protect all homeowners, renters and agricultural land from any property tax increases
- Level the playing field for local businesses by ending tax loopholes that provide an unfair advantage to corporations and wealthy property owners
- Provide tax relief to small businesses by eliminating most personal property taxes on business equipment and fixtures.
- Allow for a phase-in of reform so that under-assessed property owners can adjust gradually to paying their fair share
- Require government agencies to conduct audits and provide full public disclosure on the how the new revenues are spent
Passing this amendment would give voters the opportunity to go to the polls to make our tax system fair and raise $9 billion to restore years of cuts to education and local services. Senators Hancock and Mitchell know that it is time to bring this issue into the public debate. We can’t continue to allow Prop 13 to be the “third rail” of California politics.