California 2009-2010 Regular Session Status: Introduced

SB 568 — Income and corporation taxes: capital gains.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.

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

This bill died with 2009-2010 Regular Session. It reached “Introduced” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

The Personal Income Tax Law and the Corporation Tax Law provide that gain or loss upon the disposition of a capital asset is determined by reference to the adjusted basis of that asset. This bill would, for taxable years beginning on or after January 1, 2009, allow a taxpayer to elect to pay a tax on the sale or disposition of any capital asset, as defined, that results in a net capital gain, as defined, in an amount equal to 2% of the total net capital gain, as provided. This bill would take effect immediately as a tax levy.

Bill Text

What changed in the latest version

1 added · 1 removed

1 line(s) added, 1 removed.

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Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 56.

  2. Set, first hearing. Hearing canceled at the request of author.

  3. Set for hearing May 13.

  4. To Com. on REV. & TAX.

  5. Read first time.

  6. From print. May be acted upon on or after March 30.

  7. Introduced. To Com. on RLS. for assignment. To print.

Sponsors

  • Hollingsworth · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Hollingsworth

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"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
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 568 do?
The Personal Income Tax Law and the Corporation Tax Law provide that gain or loss upon the disposition of a capital asset is determined by reference to the adjusted basis of that asset. This bill would, for taxable years beginning on or after January 1, 2009, allow a taxpayer to elect to pay a tax on the sale or disposition of any capital asset, as defined, that results in a net capital gain, as defined, in an amount equal to 2% of the total net capital gain, as provided. This bill would take effect immediately as a tax levy.
Who sponsors SB 568?
SB 568 is sponsored by Hollingsworth.
What is the current status of SB 568?
This bill died with 2009-2010 Regular Session. It reached “Introduced” 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 SB 568?
Track SB 568 free on One Click Politics — get push/email alerts when it moves.

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