Proposition 15 (2020), or the Schools and Communities First Act, would have closed a corporate tax loophole that allows large corporations to avoid paying property taxes at current rates on properties they own. This measure would have reclaimed $11 billion every year to fund schools and strengthen local economies.
The ballot measure exempted all residential property and small businesses from reassessment, protecting homeowners and renters while leveling the playing field for small businesses.
The new revenues would have been distributed consistent with current property tax allocations, with 40% supporting K-12 schools and community colleges, and the balance allocated to cities, counties and special districts for local services. The measure would have maintained Prop 13’s current protections for homeowners, renters and agricultural areas, and included tax relief for small businesses, as well as provisions for oversight and accountability.
How Prop. 15’s defeat impacts California schools – SF Gate
Prop. 15: Everything you need to know about California business tax overhaul – LA Times
Yes on Prop. 15 – The Santa Barbara Independent
Ignore the ghost of Howard Jarvis. Prop. 15 brings fair treatment to property taxes – SF Chronicle
Prop. 15: Ballot measure will stabilize California’s economy – Cal Matters