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/
Establishes the California Recycling Market Development Act. This bill extends the sunset provision for five years for the Recycling Market Development Zone Program and the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) advanced manufacturing program by five years to 2026. (Awaiting Governor’s signature.)
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. (Awaiting Governor’s signature.)
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. Effective April 1, 2019.)
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. (Continued to next session.)
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 deduct any necessary business expenses similar to other businesses in California for each taxable year beginning on and after January 1, 2020. (Awaiting Governor’s signature.)
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