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California Lawmakers Eye Corporate Tax To Help Fight Homelessness
A homeless encampment on First Street in downtown L.A. (Chava Sanchez/LAist)
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A new bill would fight homelessness in California by raising the state's corporate tax rate on the most profitable businesses.
The supporters of the "Bring California Home Act" say that would raise $2.4 billion annually.
Los Angeles State Assemblywoman Luz Rivas (D-Arleta) is lead author of the bill:
"An ongoing funding source gives local governments desperately needed structure and confidence to implement response plans and programs that combat homelessness."
- Create affordable housing and rental assistance for 28,000 people a year
- Expand emergency shelters for 25,000 people and families
- Provide permanent housing for 43,000 people
- Provide additional services such as employment support to 50,000 people
The tax increase would apply to corporations with annual profits of more than $5 million.
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