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CA AB1172
Bill
Status
Engrossed
1/27/2014
Primary Sponsor
Raul Bocanegra
Click for details
AI Summary
- Repeals existing Section 17755 and adds a new Section 17755 of the Revenue and Taxation Code, effective for taxable years beginning on or after January 1, 2014
- Charitable remainder annuity trusts and charitable remainder unitrusts remain tax-exempt but their unrelated business taxable income is subject to tax under Section 17651
- Conforms California law to federal provisions under Section 664(c)(2) of the Internal Revenue Code relating to excise tax on charitable remainder trusts
- Takes effect immediately as a tax levy under Article IV of the California Constitution
- Removes previous requirement for California Research Bureau to report on Florida's property tax portability law
Legislative Description
Income taxes: charitable remainder trusts.
Last Action
Read second time. Ordered to third reading.
8/18/2014
Committee Referrals
Appropriations6/25/2014
Governance and Finance6/19/2014
Rules1/27/2014
Appropriations1/16/2014
Revenue and Taxation1/15/2014
Local Government3/21/2013
Full Bill Text
No bill text available