(McCarty D) Middle Class Fiscal Relief Act.
Summary: This measure, for taxable years beginning on or after January 1, 2018, would impose a surcharge of 10% on the net income of all corporations that is over $1,000,000. The measure would authorize the Legislature to increase or decrease the surcharge by a 2/3 vote of each house, as provided. The measure would require the deposit of those revenues, less refunds, into the Middle Class Fiscal Relief Fund, which would be created by the measure. Revenues in the fund would be allocated, upon appropriation by the Legislature, for specified purposes, including providing fiscal benefits to lower and middle-income Californians.
