California 2023-2024 Regular Session Status: In Committee

AB 2486 — Personal Income Tax Law: Corporation Tax Law: administration: Income Tax Stabilization Fund.

Last action — In committee: Set, first hearing. Held under submission.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2023-2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

The Personal Income Tax Law and the Corporation Tax Law impose taxes based upon taxable income at specified rates. Existing law requires all moneys and remittances received by the Franchise Tax Board as amounts imposed under those laws, except as provided, to be deposited into the Personal Income Tax Fund or the Corporation Tax Fund, as specified. Existing law requires amounts deposited into the Personal Income Tax Fund and the Corporation Tax Fund to be drawn upon for the purpose of making refunds or be transferred to the General Fund. This bill would create the Income Tax Stabilization Fund in the State Treasury, to be administered by the Franchise Tax Board. The bill would require amounts deposited in the Personal Income Tax Fund and the Corporation Tax Fund to be drawn upon for the purpose of making refunds or be transferred to the Income Tax Stabilization Fund instead of the General Fund. The bill would require the Controller to annually transfer from the Income Tax Stabilization Fund to the General Fund an amount not to exceed the average amounts deposited in the Personal Income Tax Fund and the Corporation Tax Fund, less refunds, over the prior 5 fiscal years. The bill would adjust the amount of the transfer for inflation, as provided.

Bill Text

Action History

  1. In committee: Set, first hearing. Held under submission.

  2. In committee: Set, first hearing. Referred to REV. & TAX. suspense file.

  3. Re-referred to Com. on REV. & TAX.

  4. From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

  5. In committee: Hearing postponed by committee.

  6. Re-referred to Com. on REV. & TAX.

  7. From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

  8. Referred to Com. on REV. & TAX.

  9. From printer. May be heard in committee March 15.

  10. Read first time. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
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Frequently asked questions

What does AB 2486 do?
The Personal Income Tax Law and the Corporation Tax Law impose taxes based upon taxable income at specified rates. Existing law requires all moneys and remittances received by the Franchise Tax Board as amounts imposed under those laws, except as provided, to be deposited into the Personal Income Tax Fund or the Corporation Tax Fund, as specified. Existing law requires amounts deposited into the Personal Income Tax Fund and the Corporation Tax Fund to be drawn upon for the purpose of making refunds or be transferred to the General Fund. This bill would create the Income Tax Stabilization Fund in the State Treasury, to be administered by the Franchise Tax Board. The bill would require amounts deposited in the Personal Income Tax Fund and the Corporation Tax Fund to be drawn upon for the purpose of making refunds or be transferred to the Income Tax Stabilization Fund instead of the General Fund. The bill would require the Controller to annually transfer from the Income Tax Stabilization Fund to the General Fund an amount not to exceed the average amounts deposited in the Personal Income Tax Fund and the Corporation Tax Fund, less refunds, over the prior 5 fiscal years. The bill would adjust the amount of the transfer for inflation, as provided.
Who sponsors AB 2486?
AB 2486 is sponsored by Vince Fong.
What is the current status of AB 2486?
This bill died with 2023-2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 2486?
Track AB 2486 free on One Click Politics — get push/email alerts when it moves.

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