Cathleen Galgiani
- Democratic
Author
The Personal Income Tax Law provides for modified conformity to specified provisions of federal income tax law relating to the exclusion of the discharge of qualified principal residence indebtedness, as defined, from an individual's gross income if that debt is discharged after January 1, 2007, and before January 1, 2014, as provided. This bill would provide that discharges of qualified principal residence indebtedness occurring on or after January 1, 2017, and before January 1, 2019, due to the loss of a principal residence within a federally declared disaster area, are also excluded from an individual's gross income. The bill would discharge indebtedness for related penalties and interest. The bill would also make other nonsubstantive changes. The bill would require the Legislative Analyst's Office to collaborate with the Franchise Tax Board to review the effectiveness of the above-described exclusion and, on or before January 1, 2021, submit a report of the review to the Legislature, as provided. Existing state constitutional law prohibits the Legislature from making any gift, or authorizing the making of any gift, of any public money or thing of value to any individual, association, municipal corporation, or any other corporation. The bill would make certain legislative findings and declarations that preventing undue hardship to taxpayers whose qualified principal residence indebtedness was discharged due to the loss of a principal residence within a federally declared disaster area serves a public purpose, as provided. This bill would declare that it is to take effect immediately as an urgency statute.
August 30 hearing: Held in committee and under submission.
August 14 set for first hearing. Placed on APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 10. Noes 0.) (July 8). Re-referred to Com. on APPR.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on REV. & TAX.
July 1 hearing: Heard for testimony only.
In Assembly. Read first time. Held at Desk.
Read third time. Urgency clause adopted. Passed. (Ayes 38. Noes 0. Page 1281.) Ordered to the Assembly.
Ordered to special consent calendar.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 6. Noes 0. Page 1108.) (May 16).
Set for hearing May 16.
May 13 hearing: Placed on APPR. suspense file.
Set for hearing May 13.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0. Page 904.) (May 1). Re-referred to Com. on APPR.
Set for hearing May 1.
From printer. May be acted upon on or after March 27.
Read first time.
Introduced. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB763 | HTML |
| 02/22/19 - Introduced | |
| 07/03/19 - Amended Assembly |
| Document | Format |
|---|---|
| No related documents. |
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