Gloria Romero
- Democratic
Author
The Personal Income Tax Law and the Corporation Tax Law provide that no gain or loss is recognized on the exchange of property held for productive use in a trade or business or for investment, if that property is exchanged solely for property of a like kind that is to be held either for productive use in a trade or business or for investment. This bill would, for taxable years beginning on or after January 1, 2011, and before January 1, 2012, exclude from that nonrecognition, any exchange in which out-of-state real property is received in exchange for real property located in California. The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws. Existing law creates the California Tax Credit Allocation Committee, which has specified duties in regard to low-income housing credits. This bill would authorize a credit under both laws, for taxable years beginning on or after January 1, 2011, and before January 1, 2012, in a specified amount for investments in low-income communities, as provided. This bill would impose specified duties on the California Tax Credit Allocation Committee with regard to the application for, and allocation of, the credit. The bill would require the committee to establish and impose reasonable fees upon entities that apply for the allocation of the credit and use the revenue to defray the cost of administering the program, as specified, thereby making an appropriation. This bill would also appropriate $150,000 from the Tax Credit Allocation Fee Account to the committee for purposes of implementing the tax credit. This bill would take effect immediately as a tax levy.
Died on file.
Placed on inactive file on request of Senator Romero.
Read second time. Amended. To third reading.
From committee: Do pass as amended. (Ayes 7. Noes 4. Page 4519.)
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on APPR.
(August 2 amended measure version corrected August 3.)
Set for hearing July 15.
Read second time. Amended. Re-referred to Com. on APPR.
From committee: Do pass as amended, but first amend, and re-refer to Com. on APPR. (Ayes 3. Noes 0. Page 4076.)
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.
Set for hearing June 23.
Set, first hearing. Hearing canceled at the request of author.
Set for hearing May 12.
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on RLS.
To Com. on RLS.
From print. May be acted upon on or after March 22.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1316 | HTML |
| 02/19/10 - Introduced | |
| 04/22/10 - Amended Senate | |
| 06/16/10 - Amended Senate | |
| 06/28/10 - Amended Senate | |
| 08/02/10 - Amended Senate | |
| 08/17/10 - Amended Senate |
| Document | Format |
|---|---|
| No related documents. |
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