California to vote on business tax hike worth up to $12B

CUNEYT DIL Associated Press SACRAMENTO (AP) — California voters in November will decide whether to increase property taxes on commercial and industrial land to raise up to an estimated $12 billion annually for public schools and city halls across the state. The ballot measure contest will pit big city mayors and pro-labor groups against the business community that resist tax increases, particularly during a pandemic-induced recession. Advocates say the state's largest landowners are gaining from a tax loophole that deprives schools and local governments from tax revenue. California's secretary of state announced on Friday that the measure became eligible for the ballot after campaigners turned in more than 1 million signatures. Mayors of Los Angeles and San Francisco say proceeds w