PRESS RELEASE: Bring California Home Coalition Issues Statement on New Amendments to Assembly Bill 71
FOR IMMEDIATE RELEASE
March 26, 2021
Contact: Nick Day | (612) 396-2908 | [email protected]
Bring California Home Coalition Issues Statement on New Amendments to Assembly Bill 71
Today, the Bring California Home Coalition released the following statement after new amendments to Assembly Bill 71 were adopted:
“The Bring California Home Coalition has proudly stood behind Assemblywoman Luz Rivas’s AB 71 since it was first introduced months ago, and that remains true today. The newest amendments to the legislation are in line with the transformational goals of the initial proposal: reversing the cycle of homelessness in California by building a permanent, statewide source of funding.
Finally ensuring that corporations pay appropriate taxes on income they make overseas, or Global Intangible Low-Tax Income (GILTI), remains a critical part of hitting our goals. By avoiding taxes on this income, as they do now, big corporations avoid their responsibility to invest in the communities that have been a critical part of their success. By enforcing the GILTI tax, we’re holding them accountable.
We are fully committed to achieving our $2.4 billion revenue goal that will allow our communities to make a noticeable impact on the homelessness crisis that has only gotten worse during the pandemic.
Going forward, our coalition looks forward to augmenting this GILTI revenue by also securing additional ongoing funding through the 2021-22 budgeting process. By combining funding in the budget with the GILTI revenue, we can fully fund every piece of AB 71, and meet our appropriately ambitious goals. All options are back on the table, including a potential ballot measure, if we’re unable to secure a permanent source of funding to combat homelessness.
As Governor Newsom himself said in his 2020 State of the State address, and referenced again in his 2021 address, we need a statewide, permanent source of funding to fight homelessness in California. We look forward to working with lawmakers who are ready to follow through on Governor Newsom’s vision, and finally revolutionize California’s approach to fighting homelessness — which, as we envision a road to recovery from COVID-19, is more critical than ever.”
Bring California Home, a coalition of elected officials and advocates from across California, is supporting AB 71. For more information about the coalition and the plan to reverse the cycle of homelessness, visit www.bringcahome.org.