CA AB2372

Expands the definition of "change in ownership" for property tax reassessment purposes to include transfers of 90% or more of ownership interests in legal entities (corporations, partnerships, LLCs) occurring on or after January 1, 2015, whether in a single transaction or cumulatively across multiple transactions.

Requires the legal entity undergoing the 90% ownership transfer (rather than the acquiring party) to file a change in ownership statement with the State Board of Equalization within 90 days, signed under penalty of perjury.

Increases penalties for failure to file required change in ownership statements from 10% to 15% of applicable taxes for the new base year value or current year's taxes.

Requires the Franchise Tax Board to add a question on corporate and partnership tax returns asking whether 90% or more of ownership interests have been cumulatively transferred since January 1, 2015, and to report such transfers to the State Board of Equalization.

Mandates the State Board of Equalization to report to the Legislature by January 1, 2020, on the revenue impact and frequency of reassessments resulting from these ownership transfer rules.