California 2015-2016 Regular Session Status: In Committee

SB 495 — Income taxes: withholding: real property sales.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.

  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 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This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

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 either an individual, or a partnership or corporation without a permanent place of business, as specified. Existing law also allows, by election of the transferor, alternative withholding amounts that are not less than the amount of gain required to be recognized under income tax laws multiplied by the corporation tax rate, bank and financial corporate tax rate, the highest personal income tax rate, or the current "S" corporation tax rate plus the highest personal income tax rate, as applicable. This bill would eliminate these withholding provisions for the disposition of a California real property interest that occurs on or after January 1, 2016, and would instead require the transferee of a California real property interest to withhold 3â…“% of the purchase price of the property if the property was either acquired from a person, who is not a resident or who after the transfer of the real property will no longer be a resident of this state, or from a corporation, if after the transfer that corporation has no permanent place of business in this state.

Bill Text

Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 56.

  2. May 28 hearing: Held in committee and under submission.

  3. Set for hearing May 28.

  4. May 4 hearing: Placed on APPR. suspense file.

  5. Set for hearing May 4.

  6. Read second time and amended. Re-referred to Com. on APPR.

  7. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 0. Page 618.) (April 15).

  8. Set for hearing April 15.

  9. Referred to Com. on GOV. & F.

  10. From printer. May be acted upon on or after March 29.

  11. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

Sponsorship breakdown

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

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"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

Votes

Placed on suspense file

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 7000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Leyva — Yea
Hill — Yea
Bates — Yea
Beall — Yea
Lara — Yea
Mendoza — Yea
Nielsen — Yea

Official roll call →

Subjects

taxation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 495 do?
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 either an individual, or a partnership or corporation without a permanent place of business, as specified. Existing law also allows, by election of the transferor, alternative withholding amounts that are not less than the amount of gain required to be recognized under income tax laws multiplied by the corporation tax rate, bank and financial corporate tax rate, the highest personal income tax rate, or the current "S" corporation tax rate plus the highest personal income tax rate, as applicable. This bill would eliminate these withholding provisions for the disposition of a California real property interest that occurs on or after January 1, 2016, and would instead require the transferee of a California real property interest to withhold 3â…“% of the purchase price of the property if the property was either acquired from a person, who is not a resident or who after the transfer of the real property will no longer be a resident of this state, or from a corporation, if after the transfer that corporation has no permanent place of business in this state.
Who sponsors SB 495?
SB 495 is sponsored by Mark Stone.
What is the current status of SB 495?
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 SB 495?
Track SB 495 free on One Click Politics — get push/email alerts when it moves.

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