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CA SBX610
Bill
AI Summary
- Excludes 50% of net capital gains from gross income for Personal Income Tax and Corporation Tax for taxable years beginning January 1, 2013 through December 31, 2015
- Applies only to capital assets purchased after the bill's effective date and held for more than 3 years
- Defines "net capital gain" by reference to Section 1222 of the Internal Revenue Code
- Both income tax (Section 18154) and corporation tax (Section 24996) provisions expire and are repealed on December 1, 2016
- Takes effect immediately as a tax levy
Legislative Description
Income and corporation taxes: net capital gains:
Last Action
Placed on REV. & TAX. suspense file.
5/13/2010
Committee Referrals
Revenue and Taxation4/19/2010
Rules2/24/2010
Full Bill Text
No bill text available