California 2009-2010, 6th Special Session Status: In Committee

SB 10 — Income and corporation taxes: net capital gains: exclusion.

Last action — From committee without further action.

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

This bill died with 2009-2010, 6th Special 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 provide that gain or loss upon the disposition of a capital asset is determined by reference to the adjusted basis of that asset. This bill would, for taxable years beginning on or after January 1, 2013, and before January 1, 2016, provide that gross income does not include 50% of any net capital gain, as defined, from the sale or exchange of a capital asset, as defined, that is held for more than 3 years, as specified. This bill would take effect immediately as a tax levy.

Bill Text

Action History

  1. From committee without further action.

  2. Placed on REV. & TAX. suspense file.

  3. From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.

  4. Set for hearing May 12.

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

  6. Introduced. Read first time. To Com. on RLS.

Sponsors

  • Walters · Cosponsor
  • Dutton · Primary

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 120 not signed on

Sponsors (1)

  • Dutton

Co-sponsors (1)

  • Walters

Not signed on (120)

120 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 SB 10 do?
The Personal Income Tax Law and the Corporation Tax Law provide that gain or loss upon the disposition of a capital asset is determined by reference to the adjusted basis of that asset. This bill would, for taxable years beginning on or after January 1, 2013, and before January 1, 2016, provide that gross income does not include 50% of any net capital gain, as defined, from the sale or exchange of a capital asset, as defined, that is held for more than 3 years, as specified. This bill would take effect immediately as a tax levy.
Who sponsors SB 10?
SB 10 is sponsored by Walters and Dutton.
What is the current status of SB 10?
This bill died with 2009-2010, 6th Special 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 SB 10?
Track SB 10 free on One Click Politics — get push/email alerts when it moves.

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