A monthly update on key legislation for Treasurer Ma
California Recycling Market Development Act
Assembly Bill 1583, Susan Talamantes Eggman (D-Stockton) https://a13.asmdc.org/
Eliminates the sunset date for reauthorization to certificate and bifurcate state Low-Income Housing Tax Credits, and would require the allocation of credits among partners in accordance with the partnership agreement and authorizing the sale of a credit, as described by the bill indefinitely. (Included in Governor’s budget.)
Name Translation on Ballot Materials
Assembly Bill 57, Evan Low (D-Silicon Valley) https://a28.asmdc.org/
Standardizes the way names are translated into character-based languages on the California ballot. (Signed into law.)
Online Retailers Sales Tax: Expansion to Marketplace Facilitators
Assembly Bill 147, Autumn Burke (D-Marina del Rey) https://a62.asmdc.org/
Extends sales tax to online marketplace facilitators/retailers and requires them to collect and remit state and local sales taxes on behalf of third-party sellers. (Signed into law.)
529 ScholarShare Tax Deduction on State Income Taxes
Assembly Bill 211, Ian Calderon (D-Whittier) https://a57.asmdc.org/
Provides a state income tax deduction for those who contribute to a California ScholarShare 529 account, not to exceed $5,000 for single taxpayers, or $10,000 for joint filers. (In Senate Appropriations.)
Expand the Low-Income Housing Tax Credit
Assembly Bill 10, David Chiu (D-San Francisco) https://a17.asmdc.org/
Increases California’s Low-Income Housing Tax Credit (LIHTC) by $500 million beginning in 2020 and would allocate to farmworker housing projects $25,000,000 over 5 years of that amount. (In Senate Appropriations.)
Financial Institutions for Cannabis
Senate Bill 51, Robert M. Hertzberg (D-Van Nuys) https://sd18.senate.ca.gov/
Creates a limited-purpose state charter for privately funded banks to service licensed cannabis businesses with the goal of providing alternative banking opportunities for the cash-only cannabis industry. (In Assembly Appropriations.)
Tax Deductions on Ordinary Business Expenses for Cannabis Businesses
Assembly Bill 37, Reginald Byron Jones-Sawyer Sr. (D-Los Angeles) https://a59.asmdc.org/
Allows cannabis businesses to receive the same state income tax deductions as regular businesses on ordinary business expenses for each taxable year beginning on and after January 1, 2019. (In Senate Appropriations.)
Eliminate Sunset Date for Certification and Bifurcation of Low-Income Housing Tax Credits
Senate Bill 9, Jim Beall (D-San Jose) https://sd15.senate.ca.gov/
Eliminates the sunset date for reauthorization to certificate and bifurcate state Low-Income Housing Tax Credits, and would require the allocation of credits among partners in accordance with the partnership agreement and authorizing the sale of a credit, as described by the bill indefinitely. (Included in Governor’s budget.)
Add new comment