CA AB2692

Revises the definition of "qualifying retailer" for sales tax purposes to include retailers with gross receipts less than $1,000,000 in the previous four calendar quarters, in addition to out-of-state retailers who voluntarily register.

Expands the Franchise Tax Board's authority to enter into voluntary disclosure agreements to include qualified small businesses (entities with total income under $1,000,000 in the previous taxable year) and out-of-state limited partnerships.

Modifies the definition of "qualified trust" to remove the requirement that trusts have no resident beneficiaries, allowing trusts with resident beneficiaries to participate in voluntary disclosure agreements.

Requires retailers and taxpayers seeking penalty relief to file statements under penalty of perjury, which expands the crime of perjury and constitutes a state-mandated local program with no state reimbursement required.