Full information @ CapitolTrack | Assemblymember Eduardo Garcia (D)
Summary: Would adopt the provisions of the Consolidated Appropriations Act, 2021, prohibiting any reduction in tax deductions, denials of basis adjustments, and reductions in tax attributes based on the exclusion from gross income provided for any loan amount forgiven in conformity with the federal CARES Act and its subsequent amendments. The bill would provide findings to comply with the additional information requirement for any bill authorizing a new tax expenditure.
Full information @ CapitolTrack | Assemblywoman Blanca Rubio (D)
Summary: Would require the California Department of Tax and Fee Administration and the Franchise Tax Board to administer the California Tax Amnesty and Revenue Recovery Act, a tax amnesty program, as applicable, during the period beginning on February 1, 2022, to March 31, 2022, inclusive, or a period ending no later than June 30, 2022, for specified taxpayers with respect to penalties and fees for tax reporting periods beginning before January 1, 2021. This bill would require the applicant to the amnesty program to file the application under the penalty of perjury.
Full information @ CapitolTrack | Senate Majority Leader Robert Hertzberg (D)
Summary: Current provisions of the California Constitution, adopted as Proposition 19 by the voters at the November 3, 2020, general election, provide that on and after February 16, 2021, the above- described exclusion is inoperative. Current law provides instead that a change in ownership does not include (1) the purchase or transfer of real property that is the principal residence of an eligible transferor in the case of a purchase or transfer between parents and their children or sometimes between grandparents and their grandchildren, if the property continues as the family home of the transferee, and (2) the purchase or transfer between parents and their children or between grandparents and their grandchildren of a family farm. Existing law authorizes, if certain conditions are fulfilled, the new base year value of the purchased or transferred family home or family farm to be the sum of (1) the taxable value of the property, subject to adjustment, as determined as of the date immediately prior to the transfer or purchase, and (2) the assessed value, if any, of the property that exceeds $1,000,000. This bill would implement these newly adopted constitutional provisions, as provided
Full information @ CapitolTrack | Committee on Budget (Mixed)
Summary: Current law requires the Controller to make a one-time Golden State Stimulus payment to each qualified recipient, as defined, of an applicable amount, as specified, and authorizes the Controller to make the payment in a form and manner determined by the Franchise Tax Board, as specified. Current law also requires the State Department of Social Services to make a one-time grant payment (Golden State Grant payment) to qualified grant recipients, as defined, of $600, as specified. This bill would, except as provided, make both payments automatically exempt from a garnishment order, as defined, and would require a financial institution to employ a certain procedure to identify a deposit exempt pursuant to that provision. The bill would prohibit a financial institution that attempts to comply with those provisions in good faith from being subject to liability, as specified. The bill would also further clarify the definition of “qualified recipient” for purposes of the Golden State Stimulus payment and a “grant recipient” eligible to receive a Golden State Grant payment.
Full information @ CapitolTrack | Assemblywoman Blanca Rubio (D)
Summary: The Personal Income Tax Law and Corporation Tax Law, in modified conformity with federal income tax laws, generally allows various deductions in computing the income that is subject to taxes imposed by those laws, including a deduction for a net operating loss, as specified. Current law suspends the deduction for a net operating loss, as specified, for taxable years beginning on or after January 1, 2020, and before January 1, 2023. This bill, for taxable years beginning on and after January 1, 2023, would authorize a net operating loss carryback, as described, for a net operating loss or carryover of net operating loss for which a deduction was suspended as described above for a qualified taxpayer.
Full information @ CapitolTrack | Assemblywoman Autumn Burke (D)
Summary: Would state the intent of the Legislature to enact legislation that would bring California’s tax treatment of covered Paycheck Protection Program loans into conformity with federal tax laws.
Full information @ CapitolTrack | Assemblymember Jacqui Irwin (D)
Summary: Would require the secretary-treasurer to preside at meetings of the California Board of Accountancy if both the president and vice president are absent or unable to act. The bill would authorize the president to designate a board member who is not an officer to preside at a meeting of the board if all officers of the board are absent or unable to act at that meeting.
Full information @ CapitolTrack | Assemblymember Adrin Nazarian (D)
Summary: The Professional Fiduciaries Act requires an applicant to complete 30 hours of prelicensing education courses provided by an educational program approved by the bureau as a condition of licensure. The act also requires a licensee to complete 15 hours of continuing education courses each year as a condition of license renewal or restoration. This bill, beginning January 1, 2023, would require the prelicensing education courses to include at least one hour of instruction in cultural competency, as defined by the bill. The bill, beginning January 1, 2023, would also require a licensee to complete at least one hour of instruction in cultural competency every 3 years as a condition of license renewal or restoration.
Full information @ CapitolTrack | Assemblymember Bill Quirk (D)
Summary: Would request the Regents of the University of California perform a comprehensive assessment of major tax expenditures to study, among other things, the legislative intent, the beneficiaries, the number of effected returns or business entities, the cost to the General Fund, the effectiveness of such tax expenditures, and options to modify the tax expenditures to improve their effectiveness or reduce their cost. This bill would request the Regents of the University of California provide a report to the Legislature by January 1, 2024. This bill would require the Senate Committee on Governance and Finance and the Assembly Committee on Revenue and Taxation, upon receipt of the report from the university, to hold a joint public hearing on the report by August 15, 2024, of the second year of the legislative session.
Full information @ CapitolTrack | Assemblyman Vince Fong (R)
Summary: Would adopt specified provisions of the Consolidated Appropriations Act, 2021, prohibiting any reduction in tax deductions, denials of basis adjustments, and reductions in tax attributes based on the exclusion from gross income provided for any loan amount forgiven in modified conformity with the federal CARES Act and its subsequent amendments. This bill would provide findings to comply with the additional information requirement for any bill authorizing a new tax expenditure.
Full information @ CapitolTrack | Senator Patricia Bates (R)
Summary: Current law specifies those circumstances in which the transfer of ownership interests in a corporation, partnership, limited liability company, or other legal entity results in a change in ownership of the real property owned by that entity, and generally provides that a change in ownership as so described occurs if a legal entity or other person obtains a controlling or majority ownership interest in the legal entity. Current law requires the Franchise Tax Board to include a question on returns for partnerships, banks, and corporations to assist in the determination of whether a change in ownership under the circumstances described above has occurred. This bill would additionally specify that if 90% or more of the direct or indirect ownership interests in a legal entity are sold or transferred in a single transaction, as defined, the real property owned by that legal entity has changed ownership whether or not any one legal entity or person that is a party to the transaction obtains control, as defined.
Full information @ CapitolTrack | Senator Steve Glazer (D)
Summary: Would require a retailer whose annual sales of tangible personal property transacted online exceeded $1,000,000 for the previous calendar year to track and report to the department the city or ZIP code where the purchaser resides for each sale within the state that is transacted online, as specified.