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Yes on Prop. 39 pulls ads as opposition fades

The Yes on Prop. 39 campaign sort of declared victory today, announcing it would pull its television and radio ads after hearing that the companies once opposing the measure will do so no longer.

Proposition 39 would close a loophole for multi-state companies, requiring them to pay taxes based on sales in California rather than allowing them to choose how they are taxed. The state would realize about $1 billion more per year in revenue if the measure passes. Thomas Steyer, founder and co-senior managing partner of Farallon Capital Management, has put up $21.9 million to bankroll the measure.

And it looks as if it worked. The committee backing Prop. 39 today said it has been informed by General Motors, International Paper and Kimberly-Clark that they won’t oppose the measure any further. Chrysler and Procter & Gamble, the two other companies that once were part of a coalition opposed to closing the loophole, also recently stated that they would not oppose Proposition 39.

The California Business Roundtable tracking poll‘s latest numbers show Prop. 39 now has 63.1 percent support, its highest level in two months.