California 2013-2014 Regular Session Status: In Committee

AB 879 — Emerging technology and biotechnology company: income taxes: net operating losses: transfers.

Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

The Personal Income Tax Law and Corporation Tax Law impose taxes measured by income, and allow individual and corporate taxpayers to utilize net operating losses as carryovers and carrybacks of those losses for purposes of offsetting their individual and corporate tax liabilities. This bill would require the Treasurer, in cooperation with the Franchise Tax Board, to establish a corporation business tax benefit certificate transfer program, for taxable years beginning on or after January 1, 2014, and before January 1, 2019, to allow a qualified transferor, defined as a new or expanding emerging technology and biotechnology company in this state with unused net operating losses, to surrender those net operating losses for use by a taxpayer subject to the Corporation Tax Law in this state in exchange for a cash payment to be provided by that taxpayer to assist in the funding of costs incurred by the new or expanding emerging technology and biotechnology company, as provided. This bill would provide that any net operating losses that are transferred pursuant to a corporation business tax benefit transfer certificate issued to a taxpayer is allowed beginning on or after the first day of the 4th taxable year after the date of issue of that certificate.

Bill Text

Action History

  1. From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  2. Died pursuant to Art. IV, Sec. 10(c) of the Constitution.

  3. In committee: Set, second hearing. Held under submission.

  4. In committee: Set, first hearing. Referred to APPR. suspense file.

  5. From committee: Do pass and re-refer to Com. on APPR. (Ayes 8. Noes 0.) (April 29). Re-referred to Com. on APPR.

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

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

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

  9. In committee: Hearing postponed by committee.

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

  11. Read first time.

  12. From printer. May be heard in committee March 26.

  13. Introduced. To print.

Sponsors

  • Bocanegra · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Bocanegra

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 technology
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Frequently asked questions

What does AB 879 do?
The Personal Income Tax Law and Corporation Tax Law impose taxes measured by income, and allow individual and corporate taxpayers to utilize net operating losses as carryovers and carrybacks of those losses for purposes of offsetting their individual and corporate tax liabilities. This bill would require the Treasurer, in cooperation with the Franchise Tax Board, to establish a corporation business tax benefit certificate transfer program, for taxable years beginning on or after January 1, 2014, and before January 1, 2019, to allow a qualified transferor, defined as a new or expanding emerging technology and biotechnology company in this state with unused net operating losses, to surrender those net operating losses for use by a taxpayer subject to the Corporation Tax Law in this state in exchange for a cash payment to be provided by that taxpayer to assist in the funding of costs incurred by the new or expanding emerging technology and biotechnology company, as provided. This bill would provide that any net operating losses that are transferred pursuant to a corporation business tax benefit transfer certificate issued to a taxpayer is allowed beginning on or after the first day of the 4th taxable year after the date of issue of that certificate.
Who sponsors AB 879?
AB 879 is sponsored by Bocanegra.
What is the current status of AB 879?
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 879?
Track AB 879 free on One Click Politics — get push/email alerts when it moves.

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