Revenue and Taxation Code – Page 5

California Wealth Tax Proposed in Constitutional Amendment

March 23, 2021 11:23 amMarch 26, 2021 6:48 am

On March 22, Assembly Members Alex Lee, Wendy Carrillo, Lorena Gonzalez, Miguel Santiago, Ash Kalra, Luz Rivas, and Mark Stone introduced Assembly Constitutional Amendment 8 to propose a wealth tax to be placed before the voters. Officially, ACA 8 is...

AB 820 to Create an Interest Exclusion for Small Biz Loans

March 19, 2021 7:01 amMarch 19, 2021 7:05 am

On March 18, Assemblyman Ken Cooley (D-Sacramento) amended his Assembly Bill 820 to create an interest exclusion for small business loans. The bill would add Sections 24313.5 and 25128.1 to the Revenue and Taxation Code. As a tax levy measure,...

AB 88: Stimulus Payments Trailer Bill

March 1, 2021 3:09 pmMarch 4, 2021 11:48 am

On March 1, Assembly Bill 88 was gutted-and-amended as one of the COVID-19 relief measures. As a budget trailer bill, it will take effect immediately once chaptered. The bill is authored by the Assembly Committee on Budget and will amend...

New Bill Aims for Federal Tax Conformity

February 17, 2021 2:15 pmFebruary 17, 2021 2:24 pm

On February 16, Assemblyman Eduardo Garcia (D-Coachella) introduced Assembly Bill 708 related to federal tax conformity. The bill would amend Sections 17131.8 and 24308.6 of the Revenue and Taxation Code. As an urgency measure, it would take effect immediately once...

New Bill to Suspend Annual Tax Payments for Small Business

February 13, 2021 6:13 pmFebruary 13, 2021 6:14 pm

On February 12, Assembly Member Frank Bigelow introduced Assembly Bill 664 to suspend annual tax payments for small businesses. The bill would amend Sections 17935, 17941, 17948, and 19001, and add Section 19001.5 to the Revenue and Taxation Code. This...

Exception to Business Incentives Suspension

February 12, 2021 2:38 amFebruary 11, 2021 10:52 pm

On February 11, Assembly Members Cottie Petrie-Norris, Tom Daly, Jacqui Irwin, and Kevin Mullin introduced Assembly Bill 593 to create exceptions to the current suspension of the net operating loss deduction and limitation on the use of business tax credits....

SB 49 Would Provide COVID Relief for Business License Fees

February 4, 2021 7:11 amFebruary 5, 2021 1:42 pm

As amended February 1, Senate Bill 49 by Senator Tom Umberg (D-Santa Ana) would provide an exemption from license fees imposed on businesses. It would add Sections 16000.9 and 16100.9 to the Business and Professions Code, add Section 8627.9 to...