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Proposed corporate tax hike in California would aid homeless

AB 71 would raise the corporate income tax from 8.84% to 9.6% on corporations that make more than $5 million in annual profits in California.

SAN FRANCISCO — A California coalition is proposing legislation to boost taxes on wealthy multinational corporations to raise more than $2 billion a year to end homelessness.

Supporters say the measure would reinvent the state’s approach to solving homelessness. They said Wednesday that it would provide an ongoing state funding source for the first time to get people off the streets. Assemblywoman Luz Rivas (D-Arleta) introduced the bill, AB 71, which would raise the corporate income tax from 8.84% to 9.6% on corporations that make more than $5 million in annual profits in California.

The California Taxpayers Association says it would contribute to the state's reputation of being hostile to business.

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