Taxation.

Existing law imposes a state sales and use tax on retailers and on the storage, use, or other consumption of tangible personal property in this state at the rate of 6% of the gross receipts from the retail sale of tangible personal property in this state and of the sales price of tangible personal property purchased from any retailer for storage, use, or other consumption in this state. The Personal Income Tax Law generally imposes taxes based upon taxable income of individuals, estates, and trusts, at specified rates. The Corporation Tax Law imposes taxes measured by income at a rate of 8.84%. This bill would state that it is the intent of the Legislature to enact legislation to reduce tax rates in California.