CA SB1319

Expands the definition of "change in ownership" for property tax purposes to include situations where 90% or more of direct or indirect ownership interests in a legal entity are sold or transferred in a single transaction, regardless of whether any single party obtains control.

Requires the Franchise Tax Board to add a question to partnership, bank, and corporation tax returns asking whether 90% or more of ownership interests were sold or transferred in a single transaction or within a 36-month period.

Increases penalties for failure to file a change in ownership statement from 10% to 15% of applicable taxes for transfers of legal entity ownership interests, and eliminates penalty application to floating home ownership changes.

Requires persons acquiring 90% or more of ownership interests in a legal entity to file a signed change in ownership statement under penalty of perjury with the State Board of Equalization within 90 days.

Mandates the State Board of Equalization report to the Legislature by January 1, 2023, on revenue impacts and reassessment frequency, and requires the Legislative Analyst's Office to report on the bill's economic impact by the same date.