Mike Gatto
- Democratic
Author
Existing law, the Corporation Tax Law, generally conforms to the federal income tax laws that apply to a regulated investment company and further provides that for purposes of the Corporation Tax Law, its "net income" is equal to its "investment company income." Existing law exempts from tax under the Corporation Tax Law, various organizations including credit unions, fraternal societies, social welfare organizations, and labor organizations. This bill would provide that under the Corporation Tax Law, a mutual fund investment management company wholly owned by one or more regulated investment companies and providing management services to the one or more regulated investment companies "at cost" is not subject to tax, except as specified. The bill would authorize the Franchise Tax Board to promulgate regulations as necessary or appropriate to carry out this provision. The bill would repeal these provisions on January 1, 2022. This bill would take effect immediately as a tax levy.
In committee: Held under submission.
Joint Rule 62(a), file notice suspended. (Page 4943.)
In committee: Set, first hearing. Referred to APPR. suspense file.
Read second time and amended.
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (May 9).
In committee: Set, first hearing. Referred to REV. & TAX. suspense file.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
In committee: Hearing postponed by committee.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
Read first time.
From printer. May be heard in committee March 22.
Introduced. To print.
| Bill Text Versions | Format |
|---|---|
| AB2490 | HTML |
| 02/19/16 - Introduced | |
| 03/17/16 - Amended Assembly | |
| 04/11/16 - Amended Assembly | |
| 04/26/16 - Amended Assembly | |
| 05/16/16 - Amended Assembly |
| Document | Format |
|---|---|
| No related documents. |
Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.