Loading chat...

CA AB1935

Bill

Official Source

Status

Introduced

2/17/2010

Primary Sponsor

Kevin de Leon

Click for details

Origin

State Assembly

2009-2010 Session

AI Summary

  • Changes corporate income tax apportionment for businesses with multi-state income by requiring use of a single sales factor formula instead of allowing optional election
  • Applies to taxable years beginning on or after January 1, 2011 for all apportioning trade or businesses (except those in Section 25128(b))
  • Multiplies business income by the sales factor to apportion income to California, replacing the existing 4-factor or 3-factor formulas
  • Requires 2/3 vote in both legislative houses as this constitutes a change in state taxes increasing revenues
  • Takes effect immediately upon enactment as a tax levy measure

Legislative Description

Corporate income tax: single sales factor.

Last Action

In committee: Set, second hearing. Held under submission.

5/28/2010

Committee Referrals

Appropriations5/11/2010
Revenue and Taxation3/4/2010

Full Bill Text

No bill text available