California 2019-2020 Regular Session Status: In Committee

AB 3208 — Income tax: gross income: loan forgiveness.

Last action — Re-referred to Com. on REV. & TAX.

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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 2019-2020 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 the Corporation Tax Law, in conformity with federal income tax law, generally defines "gross income" as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income. Existing federal law, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) , among other things, authorizes forgiveness of indebtedness for eligible recipients with covered loans, as defined, in an amount equal to the sum of the recipient's payroll costs, interest on mortgage obligations, rent obligations, and utility payments, subject to specified conditions and during a specified time period. Existing federal law excludes any amounts of covered loans forgiven under the CARES Act from gross income for federal income tax purposes. This bill, for taxable years beginning on or after January 1, 2020, would exclude from gross income, for state income tax purposes, any covered loan amount forgiven pursuant to the federal CARES Act. This bill would take effect immediately as a tax levy.

Bill Text

Action History

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

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

  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. Read first time.

  7. From printer. May be heard in committee March 23.

  8. Introduced. To print.

Sponsors

  • Kiley · Primary
  • Obernolte · Cosponsor
  • Brough · Cosponsor

Sponsorship breakdown

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

Sponsors (1)

  • Kiley

Co-sponsors (2)

  • Obernolte
  • Brough

Not signed on (119)

119 members have not signed on to this bill.

Show all 119 →

"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 3208 do?
The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines "gross income" as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income. Existing federal law, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) , among other things, authorizes forgiveness of indebtedness for eligible recipients with covered loans, as defined, in an amount equal to the sum of the recipient's payroll costs, interest on mortgage obligations, rent obligations, and utility payments, subject to specified conditions and during a specified time period. Existing federal law excludes any amounts of covered loans forgiven under the CARES Act from gross income for federal income tax purposes. This bill, for taxable years beginning on or after January 1, 2020, would exclude from gross income, for state income tax purposes, any covered loan amount forgiven pursuant to the federal CARES Act. This bill would take effect immediately as a tax levy.
Who sponsors AB 3208?
AB 3208 is sponsored by Kiley, Obernolte, and Brough.
What is the current status of AB 3208?
This bill died with 2019-2020 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 3208?
Track AB 3208 free on One Click Politics — get push/email alerts when it moves.

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