CA SB1554

Abolishes the Franchise Tax Board and transfers all its powers, duties, and responsibilities to the State Board of Equalization, effective January 1, 2014.

Transfers personal income tax wage withholding administration from the Employment Development Department to the State Board of Equalization, effective January 1, 2014.

Requires the State Board of Equalization to assume all contracts, agreements, and obligations previously held by the Franchise Tax Board and the Employment Development Department's tax functions.

Transfers all civil service staff, unencumbered balances, books, documents, records, and property from the Franchise Tax Board and Employment Development Department to the State Board of Equalization.

Updates all references to the Franchise Tax Board in state law to refer to the State Board of Equalization, and requires substitution in any pending legal actions.