Revenue and Taxation Code – Page 3

New Wealth Tax Proposal in California in Assembly Bill 2289

February 17, 2022 4:15 pmFebruary 17, 2022 6:04 pm

On February 16, Assembly Member Alex Lee, along with co-authors Assembly Members Wendy Carrillo, Ash Kalra, Luz Rivas, and Mark Stone, introduced Assembly Bill 2289 to create a wealth tax in California. The bill would amend Section 12651 of the...

AB 2065 Addresses Net Operating Loss for Business Owners

February 17, 2022 12:20 pmFebruary 17, 2022 8:28 am

On February 14, Assemblywoman Blanca Rubio (D-Baldwin Park) introduced Assembly Bill 2065 to allow a net operating loss (NOL) carryback for an NOL or NOL carryover for which a deduction was suspended for a qualified taxpayer. AB 2065 would add...

California’s New Employment Tax Credit Proposal

February 16, 2022 5:04 pmFebruary 16, 2022 4:35 pm

On February 14, Assembly Member Carlos Villapudua (D-Stockton) introduced Assembly Bill 2035 to make important changes to California’s existing New Employment Credit (NEC). Under existing law, in both the Personal Income Tax Law and the Corporation Tax Law, there is...

California Enacts Economic Relief in Early Budget Action

February 12, 2022 5:35 pmFebruary 12, 2022 2:58 pm

As part of the “early action” budget items, Senate Bill 113 (Budget and Fiscal Review Committee) was amended on February 2, passed the Legislature on February 7, and signed into law by Governor Gavin Newsom on February 9 as Chapter...

Economic Relief Coming in Assembly Bill 87

February 2, 2022 5:21 pmFebruary 2, 2022 5:33 pm

As part of the “early action” budget items, Assembly Bill 87 was amended the afternoon of February 2 for a vote next expected next week on the Floors of the Senate and Assembly. AB 87 is authored by the Assembly...

Proposed Ballot Initiatives Raise Corporate Taxes to Pay For Climate Change Mitigation

November 16, 2021 2:22 amNovember 15, 2021 7:48 pm

Submitted to the California Attorney General in early November, two similar ballot measures (21-0037 and 21-0038) would address the reduction and mitigation of major sources of greenhouse gas emissions, paid for by major tax increases. Both measures have the same...

Drafting Tax Statutes in California

October 21, 2021 6:48 amOctober 21, 2021 6:58 am

Like other particular areas of the law, drafting tax statutes can be a difficult task for any bill drafter. There are several issues that need to be addressed and that bill drafters should understand before undertaking the drafting of tax...