California 2017-2018 Regular Session Status: In Committee

AB 2529 — Income taxation: like kind exchanges: withholding.

Last action — In committee: Set, second hearing. Hearing canceled at the request of author.

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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 2017-2018 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 authorizes the Franchise Tax Board to require any person to withhold for income tax purposes an amount of a taxpayer's income, as specified, that reasonably represents the amount of tax due, as determined by the board. Existing law requires the transferee of a California real property interest, in specified circumstances, to withhold for income tax purposes 313% of the sales price of the property when the property is acquired from an individual, or a partnership or corporation without a permanent place of business, as specified. Existing law allows a credit against the tax to the recipient of the income for the taxable year in which that amount was withheld under these provisions. Existing law exempts from the withholding requirements real property that is exchanged, or will be exchanged, for property of like kind, as defined, and that qualifies for nonrecognition treatment under California income or franchise tax purposes. This bill would require income tax withholding, as provided, for like kind transfers for out-of-state properties that occur on or after January 1, 2019. Under existing law, failure to withhold as required by the above-described provisions is a crime. This bill would also make a violation of its provisions a crime. By expanding the scope of a crime, the bill imposes a state-mandated local program. The bill also would state the intent of the Legislature in this regard and would make conforming changes. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.

Bill Text

Action History

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

  2. In committee: Set, first 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. Referred to Com. on REV. & TAX.

  6. From printer. May be heard in committee March 17.

  7. Read first time. To print.

Sponsors

  • Chu · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Chu

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.

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

Subjects

taxation
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Frequently asked questions

What does AB 2529 do?
Existing law authorizes the Franchise Tax Board to require any person to withhold for income tax purposes an amount of a taxpayer's income, as specified, that reasonably represents the amount of tax due, as determined by the board. Existing law requires the transferee of a California real property interest, in specified circumstances, to withhold for income tax purposes 313% of the sales price of the property when the property is acquired from an individual, or a partnership or corporation without a permanent place of business, as specified. Existing law allows a credit against the tax to the recipient of the income for the taxable year in which that amount was withheld under these provisions. Existing law exempts from the withholding requirements real property that is exchanged, or will be exchanged, for property of like kind, as defined, and that qualifies for nonrecognition treatment under California income or franchise tax purposes. This bill would require income tax withholding, as provided, for like kind transfers for out-of-state properties that occur on or after January 1, 2019. Under existing law, failure to withhold as required by the above-described provisions is a crime. This bill would also make a violation of its provisions a crime. By expanding the scope of a crime, the bill imposes a state-mandated local program. The bill also would state the intent of the Legislature in this regard and would make conforming changes. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Who sponsors AB 2529?
AB 2529 is sponsored by Chu.
What is the current status of AB 2529?
This bill died with 2017-2018 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 2529?
Track AB 2529 free on One Click Politics — get push/email alerts when it moves.

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