California 2011-2012 Regular Session Status: In Committee

SB 157 — Income taxation: net operating losses: fraudulent investment arrangement losses.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 62(a).

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  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 2011-2012 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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, in modified conformity with federal income tax laws, allows a deduction for losses sustained during the taxable year and not compensated for by insurance or otherwise. Those state laws conform to specified revenue rulings and revenue procedures of the Internal Revenue Service regarding treatment of losses due to investment arrangements discovered to be criminally fraudulent, except that, among other things, net operating loss carrybacks and carryforwards are not allowed. This bill would provide a safe harbor for determining the year in which those losses attributable to criminal fraud occurred, as described in a specified revenue procedure of the Internal Revenue Service, and would allow a net operating loss carryover or carryback of any resulting deduction from the losses in conformity with federal income tax law. This bill would make a legislative finding and declaration relating to the public purpose served by the bill. This bill would take effect immediately as a tax levy.

Bill Text

Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 62(a).

  2. Set, second hearing. Failed passage in committee. (Ayes 4. Noes 2. Page 2639.)

  3. Set for hearing January 11.

  4. Set, first hearing. Failed passage in committee. (Ayes 4. Noes 3. Page 1053.) Reconsideration granted.

  5. Set for hearing May 18.

  6. Hearing postponed by committee.

  7. Set for hearing May 11.

  8. Re-referred to Com. on GOV. & F.

  9. From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.

  10. Referred to Com. on RLS.

  11. From printer. May be acted upon on or after March 5.

  12. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Anderson · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Anderson

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.

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Votes

Subjects

taxation finance
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Frequently asked questions

What does SB 157 do?
The Personal Income Tax Law and the Corporation Tax Law, in modified conformity with federal income tax laws, allows a deduction for losses sustained during the taxable year and not compensated for by insurance or otherwise. Those state laws conform to specified revenue rulings and revenue procedures of the Internal Revenue Service regarding treatment of losses due to investment arrangements discovered to be criminally fraudulent, except that, among other things, net operating loss carrybacks and carryforwards are not allowed. This bill would provide a safe harbor for determining the year in which those losses attributable to criminal fraud occurred, as described in a specified revenue procedure of the Internal Revenue Service, and would allow a net operating loss carryover or carryback of any resulting deduction from the losses in conformity with federal income tax law. This bill would make a legislative finding and declaration relating to the public purpose served by the bill. This bill would take effect immediately as a tax levy.
Who sponsors SB 157?
SB 157 is sponsored by Anderson.
What is the current status of SB 157?
This bill died with 2011-2012 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 SB 157?
Track SB 157 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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