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New bill would fight homelessness by raising California’s corporate tax rates

Source: - Jan 14, 2021

New, higher tax rates on large corporations doing business in California would raise $2.4 billion to fund state homeless programs under a bill announced Wednesday.

Assembly Bill 71, known as the “Bring California Home Act,” would raise tax rates on businesses with annual profits of more than $5 million. The state would use that money to prevent families from falling into homelessness, expand emergency shelters, create more affordable housing and fund services including employment support for unhoused people.

As California’s homelessness crisis continues to grow, and experts worry the COVID-decimated economy will force many more people onto the streets, proponents of the new bill say AB 71 gives the state a fighting chance at changing that narrative. At least 151,000 Californians have no place to call home.

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Category: General Business