|By PR Newswire||
|September 27, 2012 08:17 PM EDT||
SACRAMENTO, Calif., Sept. 27, 2012 /PRNewswire/ -- Today, the Yes on Prop 39 campaign pulled its television and radio advertisements after being informed by General Motors, International Paper and Kimberly-Clark that going forward the companies will not oppose efforts in California to close the existing corporate tax loophole on out-of-state companies. Chrysler and Procter & Gamble, the two other companies that were once part of the original coalition opposed to closing the loophole, also recently stated that they would not oppose Proposition 39.
The Yes on 39 campaign said in a statement, "In response to communications the campaign received today from GM, International Paper and Kimberly-Clark that they will not be funding a campaign going forward in opposition to Prop 39, the campaign has pulled our advertising and communications. We appreciate the decision of GM, International paper and Kimberly-Clark to join Procter & Gamble and Chrysler to respect the taxpayers, employees and businesses of California by deciding not to oppose Prop 39."
Prop 39 is the ballot initiative that would close the out-of-state corporate tax loophole in California that currently gives out-of-state companies tax breaks for creating jobs in other states. Prop 39 would close the tax loophole and put California-based companies on a level playing field, saving a billion dollars of taxpayer funds that will be used to fund schools and create tens of thousands of jobs.
Lisa Cohen, 310-395-2544
SOURCE Yes on Prop 39