Tax
Jul. 19, 2024
A rare California Supreme Court move shelters LA’s Mansion Tax
The California Supreme Court has removed a ballot measure from the November 2024 ballot that would have broadened the definition of the term “tax” and required any state and local tax increases to be approved by both a two-thirds vote in the Legislature and a majority of voters. The decision was made to avoid disrupting the electoral process and the exercise of the franchise.
In this installment of our series discussing key topics of interest for general counsel (GCs) in California, we analyze how a rare California Supreme Court decision to remove a ballot measure from this year’s election derailed an effort to repeal the Mansion Tax.
The Mansion Tax, formally known as Measure ULA, imposes a special transfer tax (the ULA Tax) on residential and commercial real estate valued at more than $5 million. Since it t...
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