The Personal Income Tax Law and the Corporation Tax Law provide that gain or loss upon the disposition of a capital asset is determined by reference to the adjusted basis of that asset. This bill would, for taxable years beginning on or after January 1, 2013, and before January 1, 2016, provide that gross income does not include 50% of any net capital gain, as defined, from the sale or exchange of a capital asset, as defined, that is held for more than 3 years, as specified. This bill would take effect immediately as a tax levy.
No votes to display
From committee without further action.
Placed on REV. & TAX. suspense file.
Set for hearing May 12.
Introduced. Read first time. To Com. on RLS.
|Bill Text Versions||Format|
|02/24/10 - Introduced|
|05/05/10 - Amended Senate|
|No related documents.|
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