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CA AB2687
Bill
Status
Engrossed
5/31/2012
Primary Sponsor
Jim Beall
Click for details
AI Summary
- Repeals and replaces Section 17755 of the Revenue and Taxation Code to clarify the tax treatment of charitable remainder annuity trusts and charitable remainder unitrusts
- Effective for taxable years beginning on or after January 1, 2011, allows these trusts to retain their tax-exempt status under federal Internal Revenue Code Section 664(c)
- Subjects only the unrelated business taxable income of these trusts to California income tax under Section 17651, rather than applying federal excise tax rules
- Prevents loss of tax exemption for charitable remainder trusts by conforming California law to federal tax treatment
- Takes effect immediately as a tax levy
Legislative Description
Income taxes: charitable remainder trusts.
Last Action
In committee: Set, first hearing. Hearing canceled at the request of author.
8/8/2012
Committee Referrals
Rules6/4/2012
Appropriations5/15/2012
Revenue and Taxation3/19/2012
Full Bill Text
No bill text available