California 2015-2016 Regular Session Status: In Committee

AB 2692 — Sales and use taxes: deficiency determinations: qualifying retailers: income and corporation taxes: disclosure agreements.

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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

The State Board of Equalization, if not satisfied with a return or the amount of sales tax, may compute and determine the amount required to be paid, as specified. Existing law provides that if the board finds that a qualifying retailer's failure to make a timely return or payment is due to reasonable cause and circumstances beyond its control, as provided, the qualifying retailer shall be relieved of specified penalties. Existing law additionally provides that requests for the relief of those penalties shall be filed under penalty of perjury. This bill would revise the definition of a "qualifying retailer" to include a retailer that had gross receipts of less than $1,000,000 in the previous 4 calendar quarters. By requiring the qualifying retailer to file certain information under penalty of perjury, thereby expanding the crime of perjury, this bill would impose a state-mandated local program. 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. The Personal Income Tax Law and the Corporation Tax Law impose various penalties for failure to file specified returns. Existing law authorizes the Franchise Tax Board to enter into voluntary disclosure agreements, as specified, with any qualified entity, qualified shareholder, qualified member, or a qualified beneficiary of a qualified trust, as defined, that permits, under the authority of the voluntary disclosure agreement, the Franchise Tax Board to waive its authority to assess taxes, additions to taxes, fees, or penalties, as described. This bill would expand the above authorization to allow the Franchise Tax Board to enter into voluntary disclosure agreements with out-of-state limited partnerships and qualified small businesses, as defined, and would revise the definition of qualified trust to allow the trust to have resident beneficiaries, as provided.

Bill Text

Action History

  1. In committee: Held under submission.

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

  3. Re-referred to Com. on APPR.

  4. Read second time and amended.

  5. From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (April 18).

  6. In committee: Set, second hearing. Referred to REV. & TAX. suspense file.

  7. In committee: Set, first hearing. Hearing canceled at the request of author.

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

  9. Read first time.

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

  11. Introduced. To print.

Sponsors

  • Brough · Primary
  • Ridley-Thomas · Cosponsor

Sponsorship breakdown

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

Sponsors (1)

  • Brough

Co-sponsors (1)

  • Ridley-Thomas

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.

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Votes

Subjects

taxation
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Frequently asked questions

What does AB 2692 do?
The State Board of Equalization, if not satisfied with a return or the amount of sales tax, may compute and determine the amount required to be paid, as specified. Existing law provides that if the board finds that a qualifying retailer's failure to make a timely return or payment is due to reasonable cause and circumstances beyond its control, as provided, the qualifying retailer shall be relieved of specified penalties. Existing law additionally provides that requests for the relief of those penalties shall be filed under penalty of perjury. This bill would revise the definition of a "qualifying retailer" to include a retailer that had gross receipts of less than $1,000,000 in the previous 4 calendar quarters. By requiring the qualifying retailer to file certain information under penalty of perjury, thereby expanding the crime of perjury, this bill would impose a state-mandated local program. 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. The Personal Income Tax Law and the Corporation Tax Law impose various penalties for failure to file specified returns. Existing law authorizes the Franchise Tax Board to enter into voluntary disclosure agreements, as specified, with any qualified entity, qualified shareholder, qualified member, or a qualified beneficiary of a qualified trust, as defined, that permits, under the authority of the voluntary disclosure agreement, the Franchise Tax Board to waive its authority to assess taxes, additions to taxes, fees, or penalties, as described. This bill would expand the above authorization to allow the Franchise Tax Board to enter into voluntary disclosure agreements with out-of-state limited partnerships and qualified small businesses, as defined, and would revise the definition of qualified trust to allow the trust to have resident beneficiaries, as provided.
Who sponsors AB 2692?
AB 2692 is sponsored by Brough and Ridley-Thomas.
What is the current status of AB 2692?
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 2692?
Track AB 2692 free on One Click Politics — get push/email alerts when it moves.

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