Anthony Portantino
- Democratic
- Senator
- District 25
Author
Existing law, known as the Small Business Relief Act, for taxable years beginning on or after January 1, 2021, and before January 1, 2026, authorizes a partnership or "S" corporation that meets certain other requirements to elect to pay an elective tax at a rate based on its net income, as specified, for the taxable year. Existing law repeals the act on December 1, 2026, or makes it inoperative and repeals the act on an earlier date if a specified federal law is repealed. Existing law, for taxable years beginning on or after January 1, 2021, and before January 1, 2026, allows a credit against the personal income tax of a taxpayer, other than a partnership, that is a partner, shareholder, or member of an entity that elects to pay the elective tax authorized by the act, in an amount equal to a specified percentage of the partner's, shareholder's, or member's pro rata share or distributive share, as applicable, of income subject to the elective tax paid by the entity. This bill would extend the provisions of the act, and the above-described credit against personal income tax, for taxable years beginning before January 1, 2028. The bill would make the provisions of the act inoperative and repeal them on an earlier date if a specified federal law is repealed or becomes inoperative. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals that the tax expenditure will achieve. This bill would include additional information required for any bill authorizing a new tax expenditure.
August 15 hearing: Held in committee and under submission.
August 7 set for first hearing. Placed on suspense file.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (June 24).
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 37. Noes 0. Page 4180.) Ordered to the Assembly.
Ordered to special consent calendar.
From committee: Do pass. (Ayes 7. Noes 0. Page 3975.) (May 16).
Read second time. Ordered to third reading.
Set for hearing May 16.
April 22 hearing: Placed on APPR suspense file.
Set for hearing April 22.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0. Page 3564.) (April 10). Re-referred to Com. on APPR.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on REV. & TAX.
Set for hearing April 10.
From printer. May be acted upon on or after March 16.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1192 | HTML |
| 02/14/24 - Introduced | |
| 04/02/24 - Amended Senate | |
| 07/01/24 - Amended Assembly |
| Document | Format |
|---|---|
| 04/05/24- Senate Revenue and Taxation | |
| 04/19/24- Senate Appropriations | |
| 05/17/24- Sen. Floor Analyses | |
| 06/21/24- Assembly Revenue and Taxation | |
| 08/05/24- Assembly Appropriations |
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