Steve Glazer
- Democratic
- Senator
- District 7
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 to elect to pay an elective tax at a rate based on its net income, as specified, for the taxable year, if it meets certain requirements, including a requirement that the taxpayer makes a prepayment on or before June 15 of the taxable year of the election in an amount equal to the greater of $1,000 or 50% of the elective tax paid by the taxpayer in the prior taxable year. Existing law provides for interest to be imposed on any amount of tax imposed but not paid, as provided. 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 above-described 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, for taxable years beginning on or after January 1, 2024, and before January 1, 2026, authorize a partnership or "S" corporation to elect to pay the above-described elective tax without making the above-described prepayment or without making the prepayment in full on or before June 15 if the taxpayer pays the full amount of the elective tax on or before the due date of the original return without regard to any extensions. The bill would impose interest on the amount of the prepayment that was unpaid or underpaid for the period that begins on the June 15 that the prepayment was due and ends on the day of payment, as provided. The bill, for a taxpayer whose entity does not make the above-described prepayment on or before June 15, or makes a payment that is less than the amount due on or before June 15, as specified, would allow a credit for the taxpayer in a reduced amount, as specified.
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.) (July 1).
July 1 set for second hearing. Placed on REV. & TAX. suspense file.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on REV. & TAX.
June 10 set for first hearing canceled at the request of author.
Read third time. Passed. (Ayes 36. Noes 0. Page 3773.) Ordered to the Assembly.
In Assembly. Read first time. Held at Desk.
Read second time. Ordered to consent calendar.
From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.
Set for hearing April 22.
From committee: Do pass and re-refer to Com. on APPR with recommendation: To consent calendar. (Ayes 6. Noes 0. Page 3564.) (April 10). Re-referred to Com. on APPR.
Set for hearing April 10.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
From printer. May be acted upon on or after March 18.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1501 | HTML |
| 02/16/24 - Introduced | |
| 03/20/24 - Amended Senate | |
| 06/24/24 - Amended Assembly | |
| 07/03/24 - Amended Assembly |
| Document | Format |
|---|---|
| 04/05/24- Senate Revenue and Taxation | |
| 04/23/24- Sen. Floor Analyses | |
| 06/28/24- Assembly Revenue and Taxation | |
| 08/05/24- Assembly Appropriations |
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