California 2017-2018 Regular Session Status: To Executive 1 D cosponsors

AB 778 — Community development investment tax credits.

Last action — Stricken from file.

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

This bill died with 2017-2018 Regular Session. It reached “To Executive” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 on the gross premiums of an insurer, as defined, doing business in this state at specified rates. Existing law, until January 1, 2017, allows a credit under the Personal Income Tax Law, the Corporation Tax Law, and a credit against the tax imposed on an insurer in an amount equal to 20% of a qualified investment, as defined, made in a community development financial institution, as defined, but not to exceed, in the aggregate amount under all those laws, $50,000,000 per year and authorizes the California Organized Investment Network to certify investments for the credit until January 1, 2017. Existing law provides that if a qualified investment is reduced before the end of the 60th month, but not below $50,000, an amount equal to 20% of the total reduction for the year shall be added to the tax imposed on the taxpayer. Existing law also provides that if a qualified investment is withdrawn before the end of the 60th month and not reinvested in another community development financial institution within 60 days, the entire amount of any credit previously allowed for that taxable year is required to be added to the tax imposed on the taxpayer. These provisions are repealed on December 1, 2017. This bill would establish similar credits under the Personal Income Tax Law, the Corporation Tax Law, and the tax imposed on an insurer for taxable years or years, as specified, beginning on or after January 1, 2017, and before January 1, 2022. The bill would, as compared to the tax credit that expired on January 1, 2017, require priority for the tax credit to be given to insurance company investors over all other tax credit investors and would instead require that the provision regarding withdrawal, without reinvestment, of a qualified investment also applies when a qualified investment is reduced. This bill would repeal these provisions on December 1, 2022. This bill would take effect immediately as a tax levy.

Bill Text

Action History

  1. Stricken from file.

  2. Consideration of Governor's veto pending.

  3. Vetoed by Governor.

  4. Enrolled and presented to the Governor at 3 p.m.

  5. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 77. Noes 0. Page 3108.).

  6. In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 8 pursuant to Assembly Rule 77.

  7. Read third time. Passed. Ordered to the Assembly. (Ayes 40. Noes 0. Page 2515.).

  8. Read second time. Ordered to third reading.

  9. From committee: Do pass. (Ayes 7. Noes 0.) (September 1).

  10. In committee: Referred to APPR. suspense file.

  11. From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (July 5). Re-referred to Com. on APPR.

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

  13. Referred to Com. on GOV. & F.

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

  15. Read third time. Passed. Ordered to the Senate. (Ayes 76. Noes 0. Page 1896.)

  16. Read second time. Ordered to third reading.

  17. From committee: Do pass. (Ayes 17. Noes 0.) (May 26).

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

  19. Re-referred to Com. on APPR.

  20. Read second time and amended.

  21. From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 1.) (April 24).

  22. From committee: Do pass and re-refer to Com. on REV. & TAX. (Ayes 13. Noes 0.) (April 19). Re-referred to Com. on REV. & TAX.

  23. Referred to Coms. on INS. and REV. & TAX.

  24. From printer. May be heard in committee March 18.

  25. Read first time. To print.

Sponsors

  • Caballero · Primary
  • Cooley · Cosponsor
  • Monique Limón · Cosponsor
  • Mendoza · Cosponsor
  • Ridley-Thomas · Cosponsor

Sponsorship breakdown

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1 sponsors · 4 co-sponsors · 117 not signed on

Sponsors (1)

  • Caballero

Co-sponsors (4)

Not signed on (117)

117 members have not signed on to this bill.

Show all 117 →

"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 778 CABALLERO Concurrence in Senate Amendments

Passed 77 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 56002
Democratic 15000
Republican 6000
Total 77002
% of votes cast 97%0%0%3%
How each member voted (79)
Member Party Vote
Acosta — Yea
Baker — Yea
Bigelow — Yea
Bloom — Yea
Brough — Yea
Mathis — Yea
Nazarian — Yea
O'Donnell — Yea
Ridley-Thomas — Yea
Rodriguez — Yea
Thurmond — Yea
Eggman — Yea
Chávez — Yea
Frazier — Yea
Gloria — Yea
Gonzalez Fletcher — Yea
Low — Yea
Chau — Yea
Fong — Yea
Salas — Yea
Mayes — Yea
Chu — Yea
Medina — Yea
Melendez — Yea
Mullin — Yea
Quirk — Yea
Santiago — Yea
Ting — Yea
Voepel — Yea
Weber — Yea
Wood — Yea
Gray — Yea
Friedman — Yea
Bocanegra — Yea
Harper — Yea
Rubio — Yea
Holden — Yea
Jones-Sawyer — Yea
Kiley — Yea
Levine — Yea
Maienschein — Yea
Burke — Yea
McCarty — Yea
Obernolte — Not Voting
Chiu — Yea
Cooley — Yea
Cooper — Yea
Rendon — Not Voting
Steinorth — Yea
Waldron — Yea
Cunningham — Yea
Dababneh — Yea
Daly — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Mark Stone — Yea
Travis Allen — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Berman, Marc Democratic Yea
Bonta, Mia Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Limón, Monique Democratic Yea
Muratsuchi, Al Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea

Official roll call →

3rd Reading AB778 Caballero et al. By Mendoza

Passed 40 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 35000
Democratic 5000
Total 40000
% of votes cast 100%0%0%0%
How each member voted (40)
Member Party Vote
Anderson — Yea
Beall — Yea
Hill — Yea
Lara — Yea
Mendoza — Yea
Newman — Yea
Pan — Yea
Cannella — Yea
Roth — Yea
Dodd — Yea
Galgiani — Yea
Bates — Yea
Portantino — Yea
Hernandez — Yea
Hertzberg — Yea
Mitchell — Yea
De León — Yea
Allen — Yea
Bradford — Yea
Hueso — Yea
Leyva — Yea
Monning — Yea
Moorlach — Yea
Nielsen — Yea
Skinner — Yea
Vidak — Yea
Wieckowski — Yea
Wilk — Yea
Atkins — Yea
Morrell — Yea
Fuller — Yea
Glazer — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea
Stern, Henry I. Democratic Yea
Wiener, Scott D. 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
Bates — Yea
Beall — Yea
Hill — Yea
Bradford — Yea
Lara — Yea
Nielsen — Yea
Wiener, Scott D. Democratic Yea

Official roll call →

Placed on suspense file

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
Bates — Yea
Bradford — Yea
Hill — Yea
Lara — Yea
Beall — Yea
Nielsen — Yea
Wiener, Scott D. Democratic Yea

Official roll call →

Subjects

taxation
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Frequently asked questions

What does AB 778 do?
Existing law imposes an annual tax on the gross premiums of an insurer, as defined, doing business in this state at specified rates. Existing law, until January 1, 2017, allows a credit under the Personal Income Tax Law, the Corporation Tax Law, and a credit against the tax imposed on an insurer in an amount equal to 20% of a qualified investment, as defined, made in a community development financial institution, as defined, but not to exceed, in the aggregate amount under all those laws, $50,000,000 per year and authorizes the California Organized Investment Network to certify investments for the credit until January 1, 2017. Existing law provides that if a qualified investment is reduced before the end of the 60th month, but not below $50,000, an amount equal to 20% of the total reduction for the year shall be added to the tax imposed on the taxpayer. Existing law also provides that if a qualified investment is withdrawn before the end of the 60th month and not reinvested in another community development financial institution within 60 days, the entire amount of any credit previously allowed for that taxable year is required to be added to the tax imposed on the taxpayer. These provisions are repealed on December 1, 2017. This bill would establish similar credits under the Personal Income Tax Law, the Corporation Tax Law, and the tax imposed on an insurer for taxable years or years, as specified, beginning on or after January 1, 2017, and before January 1, 2022. The bill would, as compared to the tax credit that expired on January 1, 2017, require priority for the tax credit to be given to insurance company investors over all other tax credit investors and would instead require that the provision regarding withdrawal, without reinvestment, of a qualified investment also applies when a qualified investment is reduced. This bill would repeal these provisions on December 1, 2022. This bill would take effect immediately as a tax levy.
Who sponsors AB 778?
AB 778 is sponsored by Caballero, Cooley, Limón, Monique (Democratic), Mendoza, and Ridley-Thomas.
What is the current status of AB 778?
This bill died with 2017-2018 Regular Session. It reached “To Executive” 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 778?
Track AB 778 free on One Click Politics — get push/email alerts when it moves.

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