California 2013-2014 Regular Session Status: In Committee 1 D cosponsors

AB 1778 — Income taxes: annual tax: limited liability company: exemption.

Last action — From committee without further action.

  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 2013-2014 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Existing law imposes an annual tax in an amount equal to the minimum franchise tax, except as provided, on every limited liability company doing business in this state or registered in this state, as specified. Existing law defines the term "limited liability company," for purposes of the payment of the annual tax, to exclude a limited liability company that is exempt from the payment of the tax and certain fees under other existing law. This bill would also exclude from that definition a limited liability company that is formed for the exclusive purpose of acquiring and holding title to intangible personal property constituting equity or debt interests, or both, in a single other corporation, limited liability company, or partnership, collecting income therefrom, and turning over the entire amount thereof, less expenses, to its members, thereby exempting such an entity from that annual tax. This bill would take effect immediately as a tax levy.

Bill Text

Action History

  1. From committee without further action.

  2. In committee: Set, second hearing. Hearing canceled at the request of author.

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

  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 21.

  10. Read first time. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 2 co-sponsors · 119 not signed on

Sponsors (1)

Co-sponsors (2)

Not signed on (119)

119 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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Subjects

taxation
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Frequently asked questions

What does AB 1778 do?
Existing law imposes an annual tax in an amount equal to the minimum franchise tax, except as provided, on every limited liability company doing business in this state or registered in this state, as specified. Existing law defines the term "limited liability company," for purposes of the payment of the annual tax, to exclude a limited liability company that is exempt from the payment of the tax and certain fees under other existing law. This bill would also exclude from that definition a limited liability company that is formed for the exclusive purpose of acquiring and holding title to intangible personal property constituting equity or debt interests, or both, in a single other corporation, limited liability company, or partnership, collecting income therefrom, and turning over the entire amount thereof, less expenses, to its members, thereby exempting such an entity from that annual tax. This bill would take effect immediately as a tax levy.
Who sponsors AB 1778?
AB 1778 is sponsored by Beth Gaines, Travis Allen, and Calderon, Lisa (Democratic).
What is the current status of AB 1778?
This bill died with 2013-2014 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 1778?
Track AB 1778 free on One Click Politics — get push/email alerts when it moves.

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