California 2013-2014 Regular Session Status: Enacted

AB 296 — Trusts.

Last action — Chaptered by Secretary of State - Chapter 867, Statutes of 2014.

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

This bill has been enacted into law. Introduced February 11, 2013. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 7 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Existing law generally requires a trustee to allocate money received from an entity to income. However, existing law requires a trustee to allocate to principal money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capitol gain dividend for federal income taxes. Existing law also requires an allocation to principal of money received in total or partial liquidation of an entity. Existing law provides that money is to be treated as received in partial liquidation to the extent the amount received from the distributing entity is attributable to the proceeds from a sale by the distributing entity, or by the distributing entity's subsidiary or affiliate, of a capital asset, as defined. This bill would provide that an allocation to principal of money received in total or partial liquidation of an entity does not include a net short-term capital gain distribution from a regulated investment company or a real estate investment trust. This bill would declare that it is to take effect immediately as an urgency statute.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 867, Statutes of 2014.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 11:30 a.m.

  4. Urgency clause adopted. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 78. Noes 0. Page 6094.).

  5. From committee: That the Senate amendments be concurred in. (Ayes 9. Noes 0.) (August 12).

  6. Re-referred to Com. on JUD. pursuant to Assembly Rule 77.2.

  7. In Assembly. Concurrence in Senate amendments pending. May be considered on or after July 2 pursuant to Assembly Rule 77.

  8. Read third time. Urgency clause adopted. Passed. Ordered to the Assembly. (Ayes 36. Noes 0. Page 4195.).

  9. Read second time. Ordered to third reading.

  10. From committee: Do pass. (Ayes 7. Noes 0.) (June 24).

  11. From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD.

  12. In committee: Set, first hearing. Hearing canceled at the request of author.

  13. Referred to Com. on JUD.

  14. In Senate. Read first time. To Com. on RLS. for assignment.

  15. Read third time. Passed. Ordered to the Senate. (Ayes 73. Noes 0. Page 1518.)

  16. Read second time. Ordered to third reading.

  17. Read second time and amended. Ordered to second reading.

  18. From committee: Do pass as amended. (Ayes 10. Noes 0.) (May 7).

  19. Re-referred to Com. on JUD.

  20. Read second time and amended.

  21. From committee: Do pass as amended and re-refer to Com. on JUD. (Ayes 7. Noes 1.) (April 30).

  22. Re-referred to Coms. on V.A. and JUD. pursuant to Assembly Rule 96.

  23. Referred to Coms. on JUD. and V.A.

  24. From printer. May be heard in committee March 14.

  25. Read first time. To print.

Sponsors

  • Wagner · Primary

Sponsorship breakdown

Export CSV (upgrade) →

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

Sponsors (1)

  • Wagner

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

Votes

AB 296 WAGNER Concurrence - Urgency Added

Passed 78 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 71001
Democratic 4000
Republican 3000
Total 78001
% of votes cast 99%0%0%1%
How each member voted (79)
Member Party Vote
Achadjian — Yea
Ammiano — Yea
Bigelow — Yea
Bloom — Yea
Bradford — Yea
Brown — Yea
Buchanan — Yea
Linder — Yea
Maienschein — Yea
Mansoor — Yea
Pan — Yea
Quirk — Yea
Wagner — Yea
Dababneh — Yea
Gorell — Yea
Hall — Yea
Harkey — Yea
Holden — Yea
Campos — Yea
Allen — Yea
Chau — Yea
Bonilla — Yea
Logue — Yea
Medina — Yea
Mullin — Yea
Nazarian — Yea
Olsen — Yea
Gray — Yea
Bocanegra — Yea
John A. Pérez — Yea
Alejo — Yea
Chávez — Yea
Conway — Yea
Cooley — Yea
Daly — Yea
Dickinson — Yea
Donnelly — Yea
Eggman — Yea
Rendon — Yea
Ridley-Thomas — Yea
Rodriguez — Yea
Skinner — Yea
Ting — Yea
Weber — Yea
Wieckowski — Yea
Wilk — Yea
Salas — Yea
Lowenthal — Yea
Garcia — Yea
Gatto — Yea
Atkins — Yea
Fong — Yea
Gomez — Not Voting
Jones-Sawyer — Yea
Levine — Yea
Melendez — Yea
Nestande — Yea
Chesbro — Yea
Perea — Yea
Waldron — Yea
Williams — Yea
Fox — Yea
Frazier — Yea
Yamada — Yea
Gordon — Yea
Hagman — Yea
Beth Gaines — Yea
Jim Patterson — Yea
Lorena Gonzalez — Yea
Mark Stone — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Muratsuchi, Al Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

amendments be concurred in.

Passed 9 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 8001
Democratic 1000
Total 9001
% of votes cast 90%0%0%10%
How each member voted (10)
Member Party Vote
Alejo — Yea
Wagner — Yea
Garcia — Yea
Chau — Yea
Dickinson — Yea
Maienschein — Yea
Wieckowski — Yea
Gorell — Not Voting
Mark Stone — Yea
Muratsuchi, Al Democratic Yea

Official roll call →

3rd Reading AB296 Wagner By Walters Urgency Clause

Passed 36 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 34003
Democratic 2001
Total 36004
% of votes cast 90%0%0%10%
How each member voted (40)
Member Party Vote
Anderson — Yea
Beall — Yea
Leno — Yea
Nielsen — Yea
Pavley — Yea
Roth — Yea
Wright — Not Voting
Correa — Yea
DeSaulnier — Yea
Wyland — Yea
Cannella — Yea
Corbett — Yea
Evans — Yea
Mitchell — Yea
De León — Yea
Fuller — Yea
Galgiani — Yea
Hancock — Yea
Hernandez — Yea
Hill — Yea
Hueso — Yea
Block — Yea
Huff — Yea
Knight — Yea
Lara — Yea
Lieu — Yea
Liu — Yea
Monning — Yea
Morrell — Yea
Steinberg — Yea
Torres — Yea
Vidak — Yea
Walters — Yea
Wolk — Yea
Yee — Not Voting
Beth Gaines — Not Voting
Bill Berryhill — Yea
Calderon, Lisa Democratic Not Voting
Jackson, Corey A. Democratic Yea
Padilla, Stephen C. Democratic Yea

Official roll call →

Do pass.

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 6000
Democratic 1000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Anderson — Yea
Lara — Yea
Leno — Yea
Corbett — Yea
Monning — Yea
Vidak — Yea
Jackson, Corey A. Democratic Yea

Official roll call →

AB 296 WAGNER Assembly Third Reading

Passed 73 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 62005
Democratic 7000
Republican 4000
Total 73005
% of votes cast 94%0%0%6%
How each member voted (78)
Member Party Vote
Achadjian — Yea
Alejo — Yea
Bigelow — Yea
Blumenfield — Yea
Brown — Yea
Buchanan — Yea
Holden — Not Voting
Logue — Not Voting
Maienschein — Yea
Nazarian — Yea
Perea — Yea
Quirk — Yea
Skinner — Yea
Wagner — Yea
Chávez — Yea
Hagman — Yea
Stone — Yea
Linder — Yea
Lowenthal — Yea
Mansoor — Yea
Atkins — Yea
Daly — Yea
Waldron — Yea
Mitchell — Yea
Gordon — Yea
Olsen — Yea
Wilk — Yea
Ammiano — Yea
Bloom — Yea
Gomez — Yea
Harkey — Yea
Medina — Yea
Weber — Yea
Bonilla — Yea
Levine — Yea
Melendez — Yea
Pan — Yea
Hall — Not Voting
Bocanegra — Yea
Jones-Sawyer — Not Voting
John A. Pérez — Yea
Bradford — Yea
Morrell — Yea
Salas — Yea
Mullin — Yea
Nestande — Yea
Campos — Yea
Gray — Not Voting
Chau — Yea
Rendon — Yea
Ting — Yea
Chesbro — Yea
Conway — Yea
Cooley — Yea
Donnelly — Yea
Wieckowski — Yea
Williams — Yea
Dickinson — Yea
Eggman — Yea
Fox — Yea
Frazier — Yea
Gatto — Yea
Yamada — Yea
Gorell — Yea
Beth Gaines — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Allen, Benjamin Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Garcia, Robert Democratic Yea
Muratsuchi, Al Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Patterson, Joe Republican Yea

Official roll call →

Do pass as amended.

Passed 10 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 8000
Democratic 2000
Total 10000
% of votes cast 100%0%0%0%
How each member voted (10)
Member Party Vote
Alejo — Yea
Chau — Yea
Gorell — Yea
Stone — Yea
Maienschein — Yea
Wagner — Yea
Wieckowski — Yea
Dickinson — Yea
Garcia, Robert Democratic Yea
Muratsuchi, Al Democratic Yea

Official roll call →

Subjects

finance
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 AB 296 do?
Existing law generally requires a trustee to allocate money received from an entity to income. However, existing law requires a trustee to allocate to principal money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capitol gain dividend for federal income taxes. Existing law also requires an allocation to principal of money received in total or partial liquidation of an entity. Existing law provides that money is to be treated as received in partial liquidation to the extent the amount received from the distributing entity is attributable to the proceeds from a sale by the distributing entity, or by the distributing entity's subsidiary or affiliate, of a capital asset, as defined. This bill would provide that an allocation to principal of money received in total or partial liquidation of an entity does not include a net short-term capital gain distribution from a regulated investment company or a real estate investment trust. This bill would declare that it is to take effect immediately as an urgency statute.
Who sponsors AB 296?
AB 296 is sponsored by Wagner.
What is the current status of AB 296?
This bill has been enacted into law. Introduced February 11, 2013. Enacted.
Where can I track AB 296?
Track AB 296 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 2 months ago · updated continuously

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