CA AB2088

Imposes an annual wealth tax of 0.4% on California residents' worldwide net worth exceeding $30,000,000 ($15,000,000 for married taxpayers filing separately).

Excludes directly held real property and mortgages secured by real property from the wealth tax calculation, though these assets must be reported separately.

Requires the Franchise Tax Board to adopt regulations for valuing publicly traded assets at market value and non-publicly traded assets using best available methodology, with later reconciliation based on market transactions.

Allows credits for wealth taxes paid to other jurisdictions and pro rata property taxes paid on real property held indirectly through entities like corporations or trusts.

Applies special apportionment rules for part-year residents, temporary residents, and former residents, with a 10-year lookback period for calculating California residency; requires a two-thirds legislative vote for passage.