Autumn R. Burke
- Democratic
Author
The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally define "gross income" as income from whatever source derived, except as specifically excluded, and provide various exclusions from gross income. Existing law, in conformity with the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) , and its subsequent amendments in the Paycheck Protection Program and Health Care Enhancement Act and the Paycheck Protection Program Flexibility Act of 2020, among other things, excludes any amounts of covered loans forgiven under the CARES Act from gross income for purposes of the Personal Income Tax Law and the Corporation Tax Law. Existing law reduces the amount of any credit or deduction otherwise allowed under the Personal Income Tax and the Corporation Tax Law for any amount paid or incurred by the taxpayer upon which this exclusion is based by the amount of the exclusion allowed. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. Existing federal law, the Consolidated Appropriations Act, 2021, prohibits reductions in tax deductions, denials of basis adjustments, and reductions in tax attributes for federal income tax purposes based on the exclusion from gross income provided in the federal CARES Act and its subsequent amendments. This bill would exclude, for taxable years beginning on or after January 1, 2019, from gross income any advance grant amount, as defined, issued pursuant to specified provisions of the CARES Act or the Consolidated Appropriations Act, 2021, and covered loan amounts forgiven pursuant to the Consolidated Appropriations Act, 2021. This bill would adopt, except as provided, the provisions of the Consolidated Appropriations Act, 2021, prohibiting any reduction in tax deductions, denials of basis adjustments, and reductions in tax attributes based on the exclusion from gross income provided for any loan amount forgiven in modified conformity with the federal CARES Act and its subsequent amendments. This bill would provide findings to comply with the additional information requirement for any bill authorizing a new tax expenditure. This bill would also make findings and declarations related to a gift of public funds. This bill would declare that it is to take effect immediately as an urgency statute.
Chaptered by Secretary of State - Chapter 17, Statutes of 2021.
Approved by the Governor.
Enrolled and presented to the Governor at 4:30 p.m.
From committee: That the Senate amendments be concurred in. (Ayes 9. Noes 0.) (April 26).
Urgency clause adopted. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 75. Noes 0. Page 1180.).
Assembly Rule 63 suspended. (Page 1176.)
Re-referred to Com. on REV. & TAX. pursuant to Assembly Rule 77.2.
In Assembly. Concurrence in Senate amendments pending. May be considered on or after April 21 pursuant to Assembly Rule 77.
Read third time. Urgency clause adopted. Passed. Ordered to the Assembly.
Ordered to third reading.
Withdrawn from committee.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R.
In committee: Hearing postponed by committee.
In committee: Hearing postponed by committee.
In committee: Hearing postponed by committee.
In committee: Hearing postponed by committee.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 17. Noes 0.) (February 18).
Measure version as amended on February 17 corrected.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R.
Joint Rule 62(a), file notice suspended.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 11. Noes 0.) (January 26).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R.
Read third time. Passed. Ordered to the Senate. (Ayes 48. Noes 13. Page 160.)
In Senate. Read first time. To Com. on RLS. for assignment.
Read second time. Ordered to third reading.
Ordered to second reading.
(Ayes 46. Noes 13. Page 108.)
Without reference to committee.
From printer. May be heard in committee January 7.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB80 | HTML |
| 12/07/20 - Introduced | |
| 01/25/21 - Amended Senate | |
| 02/17/21 - Amended Senate | |
| 04/15/21 - Amended Senate | |
| 04/26/21 - Enrolled | |
| 04/29/21 - Chaptered |
| Document | Format |
|---|---|
| 01/14/21- ASSEMBLY FLOOR ANALYSIS | |
| 01/25/21- Senate Committee on Budget and Fiscal Review | |
| 01/27/21- Sen. Floor Analyses | |
| 02/17/21- Senate Committee on Budget and Fiscal Review | |
| 02/19/21- Sen. Floor Analyses | |
| 04/19/21- Sen. Floor Analyses | |
| 04/23/21- ASSEMBLY FLOOR ANALYSIS | |
| 04/23/21- Assembly Revenue and Taxation | |
| 04/26/21- ASSEMBLY FLOOR ANALYSIS |
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