AB 80

  • California Assembly Bill
  • 2021-2022 Regular Session
  • Introduced in Assembly
  • Passed Assembly Jan 15, 2021
  • Senate
  • Governor

Taxation: Coronavirus Aid, Relief, and Economic Security Act: Federal Consolidated Appropriations Act, 2021.

Abstract

The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally define "gross income" as income from whatever source derived, except as specifically excluded, and provide various exclusions from gross income. Existing law, in conformity with the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) , and its subsequent amendments in the Paycheck Protection Program and Health Care Enhancement Act and the Paycheck Protection Program Flexibility Act of 2020, among other things, excludes any amounts of covered loans forgiven under the CARES Act from gross income for purposes of the Personal Income Tax Law and the Corporation Tax Law. Existing law reduces the amount of any credit or deduction otherwise allowed under the Personal Income Tax and the Corporation Tax Law for any amount paid or incurred by the taxpayer upon which this exclusion is based by the amount of the exclusion allowed. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. Existing federal law, the Consolidated Appropriations Act, 2021, prohibits reductions in tax deductions, denials of basis adjustments, and reductions in tax attributes for federal income tax purposes based on the exclusion from gross income provided in the federal CARES Act and its subsequent amendments. This bill would exclude, for taxable years beginning on or after January 1, 2019, from gross income any advance grant amount, as defined, issued pursuant to specified provisions of the CARES Act or the Consolidated Appropriations Act, 2021, and covered loan amounts forgiven pursuant to the Consolidated Appropriations Act, 2021. This bill would adopt, except as provided, the provisions of the Consolidated Appropriations Act, 2021, prohibiting any reduction in tax deductions, denials of basis adjustments, and reductions in tax attributes based on the exclusion from gross income provided for any loan amount forgiven in modified conformity with the federal CARES Act and its subsequent amendments. This bill would provide findings to comply with the additional information requirement for any bill authorizing a new tax expenditure. This bill would also make findings and declarations related to a gift of public funds. This bill would declare that it is to take effect immediately as an urgency statute.

Bill Sponsors (77)

Allen

     
Principal Coauthor

Gonzalez

     
Principal Coauthor

Rubio

     
Principal Coauthor

Blanca Rubio

     
Principal Coauthor

Calderon

     
Principal Coauthor

Stone

     
Principal Coauthor

Salas

     
Principal Coauthor

Fong

     
Principal Coauthor

Votes


Actions


Mar 03, 2021

Senate

In committee: Hearing postponed by committee.

Mar 02, 2021

Senate

In committee: Hearing postponed by committee.

Feb 22, 2021

Senate

Re-referred to Com. on B. & F.R.

  • Referral-Committee
Com. on B. & F.R.

Feb 18, 2021

Senate

From committee: Do pass. (Ayes 17. Noes 0.) (February 18).

Senate

Read second time. Ordered to third reading.

Senate

Measure version as amended on February 17 corrected.

Feb 17, 2021

Senate

From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R.

  • Amendment-Introduction
  • Amendment-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on B. & F.R.

Feb 16, 2021

Senate

Joint Rule 62(a), file notice suspended.

Feb 02, 2021

Senate

Re-referred to Com. on B. & F.R.

  • Referral-Committee
Com. on B. & F.R.

Jan 27, 2021

Senate

Read second time. Ordered to third reading.

Jan 26, 2021

Senate

From committee: Do pass. (Ayes 11. Noes 0.) (January 26).

Jan 25, 2021

Senate

From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R.

  • Amendment-Introduction
  • Amendment-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on B. & F.R.

Senate

Referred to Com. on B. & F.R.

  • Referral-Committee
Com. on B. & F.R.

Jan 15, 2021

Senate

In Senate. Read first time. To Com. on RLS. for assignment.

Assembly

Read third time. Passed. Ordered to the Senate. (Ayes 48. Noes 13. Page 160.)

Jan 12, 2021

Assembly

Read second time. Ordered to third reading.

Jan 11, 2021

Assembly

Ordered to second reading.

Assembly

(Ayes 46. Noes 13. Page 108.)

Assembly

Without reference to committee.

Dec 08, 2020

Assembly

From printer. May be heard in committee January 7.

Dec 07, 2020

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB80 HTML
12/07/20 - Introduced PDF
01/25/21 - Amended Senate PDF
02/17/21 - Amended Senate PDF

Related Documents

Document Format
No related documents.

Sources

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