California 2015-2016 Regular Session Status: In Committee

AB 2490 — Corporation Tax Law: exemption: regulated investment company.

Last action — In committee: Held under submission.

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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 2015-2016 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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, the Corporation Tax Law, generally conforms to the federal income tax laws that apply to a regulated investment company and further provides that for purposes of the Corporation Tax Law, its "net income" is equal to its "investment company income." Existing law exempts from tax under the Corporation Tax Law, various organizations including credit unions, fraternal societies, social welfare organizations, and labor organizations. This bill would provide that under the Corporation Tax Law, a mutual fund investment management company wholly owned by one or more regulated investment companies and providing management services to the one or more regulated investment companies "at cost" is not subject to tax, except as specified. The bill would authorize the Franchise Tax Board to promulgate regulations as necessary or appropriate to carry out this provision. The bill would repeal these provisions on January 1, 2022. This bill would take effect immediately as a tax levy.

Bill Text

Action History

  1. In committee: Held under submission.

  2. Joint Rule 62(a), file notice suspended. (Page 4943.)

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

  4. Re-referred to Com. on APPR.

  5. Read second time and amended.

  6. From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (May 9).

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

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

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

  10. In committee: Hearing postponed by committee.

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

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

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

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

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

  16. Read first time.

  17. From printer. May be heard in committee March 22.

  18. Introduced. To print.

Sponsors

  • Gatto · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Gatto

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
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Frequently asked questions

What does AB 2490 do?
Existing law, the Corporation Tax Law, generally conforms to the federal income tax laws that apply to a regulated investment company and further provides that for purposes of the Corporation Tax Law, its "net income" is equal to its "investment company income." Existing law exempts from tax under the Corporation Tax Law, various organizations including credit unions, fraternal societies, social welfare organizations, and labor organizations. This bill would provide that under the Corporation Tax Law, a mutual fund investment management company wholly owned by one or more regulated investment companies and providing management services to the one or more regulated investment companies "at cost" is not subject to tax, except as specified. The bill would authorize the Franchise Tax Board to promulgate regulations as necessary or appropriate to carry out this provision. The bill would repeal these provisions on January 1, 2022. This bill would take effect immediately as a tax levy.
Who sponsors AB 2490?
AB 2490 is sponsored by Gatto.
What is the current status of AB 2490?
This bill died with 2015-2016 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 2490?
Track AB 2490 free on One Click Politics — get push/email alerts when it moves.

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