Loading chat...

CA AB1253

Bill

Official Source

Status

Engrossed

5/23/2019

Primary Sponsor

Rob Bonta

Click for details

Origin

State Assembly

2019-2020 Session

AI Summary

  • Imposes an additional 1% tax on taxable income over $1,181,484 but not exceeding $2,362,968 for taxable years beginning January 1, 2020 and later
  • Imposes an additional 3% tax on taxable income over $2,362,968 but not exceeding $5,907,420
  • Imposes an additional 3.5% tax on taxable income over $5,907,420
  • Income thresholds are adjusted annually by the Franchise Tax Board using the same adjustment method as Section 17041
  • Requires two-thirds vote approval in both houses of the Legislature as it increases taxes under California Constitution Article XIII A

Legislative Description

Personal income taxes: additional tax.

Last Action

In committee: Hearing for testimony only.

8/3/2020

Committee Referrals

Governance and Finance6/6/2019
Rules5/24/2019
Appropriations3/28/2019
Local Government3/11/2019

Full Bill Text

No bill text available