Accountants

TopicBill numbersort iconAuthorInterest positionBecame law
An Act to Add Chapter 14.5 (Commencing with Section 22260) to Division 8 of the Business and Professions Code, and to Amend Section 12195 of the Government Code, Relating to Property Tax Agents. AB 2415 (2013-2014) TingSupportNo
Existing law requires every assessor to assess all property subject to general property taxation at its full value and to prepare an assessment roll in which all property within the county that it is… More
Existing law requires every assessor to assess all property subject to general property taxation at its full value and to prepare an assessment roll in which all property within the county that it is the assessor’s duty to assess is required to be listed. Existing law requires a county board of equalization or an assessment appeals board to equalize the assessment of property on the local roll for the purpose of taxation. Existing law authorizes a taxpayer, with respect to each assessment year, to file an application for a reduction in an assessment, as provided, with the county board, which is the county board of supervisors meeting as a county board of equalization or an assessment appeals board. This bill would, commencing April 1, 2016, prohibit a Property Tax Agent, defined as any individual who is employed, under contract, or otherwise receives compensation, from communicating directly or indirectly with any county official for the purpose of influencing official action relating to the establishment of a taxable value for any property subject to taxation, including representing a taxpayer before a county official, without first being registered and issued a registration number by the Secretary of State. The bill would provide that a violation of these provisions is a misdemeanor. The bill would require a Property Tax Agent to file, under penalty of perjury, with the Secretary of State an application for registration that includes specified information and a registration fee, as specified. Because this bill would create new crimes, this bill would impose a state-mandated local program. This bill would make the registration subject to biennial renewal. This bill would require the Secretary of State to issue a cease and desist order to a Property Tax Agent if that person has been convicted of a misdemeanor or felony, as specified, or certain other criminal offenses or has had his or her professional license, as specified, revoked, and to provide a copy of the notice to the Attorney General. This bill would require the Secretary of State to develop a list of registered Property Tax Agents, and a list of Property Tax Agents who, after exhausting their administrative remedies, have been issued a cease and desist order, fined or convicted for committing specified violations, or whose license, as specified, has been revoked, and to make those lists publicly available on its Internet Web site, as specified. The bill would provide that a Property Tax Agent is subject to suspension or termination of his or her registration for engaging in specified activities and would authorize the imposition of civil penalties not to exceed $1,500 for each violation of these provisions. This bill would require the Attorney General, District Attorney, or City Attorney, as applicable, to notify the Secretary of State of any conviction of, or of any penalty or change in eligibility imposed against, a Property Tax Agent pursuant to these provisions. By imposing new duties on city attorneys’ offices, this bill would impose a state-mandated local program. This bill would preempt and supersede all local ordinances regarding the registration of any individual who communicates directly or indirectly with any county official for the purpose of influencing official action regarding a property tax assessment. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that with regard to certain mandates no reimbursement is required by this act for a specified reason. With regard to any other mandates, this bill would provide that, if the Commission on State Mandates determines that the bill contains costs so mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above. Hide
An Act to Add Section 7060.8 to the Government Code, Relating to Residential Real Property. SB 1439 (2013-2014) LenoSupportNo
Existing law, commonly known as the Ellis Act, generally prohibits public entities from adopting any statute, ordinance, or regulation, or taking any administrative action, to compel the owner of… More
Existing law, commonly known as the Ellis Act, generally prohibits public entities from adopting any statute, ordinance, or regulation, or taking any administrative action, to compel the owner of residential real property to offer or to continue to offer accommodations, as defined, in the property for rent or lease. This bill would authorize the City and County of San Francisco to prohibit an owner of accommodations from filing a notice with a public entity of an intent to withdraw accommodations or prosecuting an action to recover possession of accommodations, or threatening to do so, unless all the owners of the accommodations have been owners of record for 5 continuous years or more, except as specified, or with respect to property that the owner acquired within 10 years after providing notice of an intent to withdraw accommodations at a different property. Among other things, the bill would also permit the city and county to require an owner of accommodations notifying the city and county of an intention to withdraw accommodations from rent or lease to identify each person or entity with an ownership interest in the accommodations and to identify all persons or entities with an ownership interest in an entity, which information would be available for public inspection. The bill would provide specified, nonexclusive remedies that the city and county would be authorized to provide for a violation of these provisions. This bill would make legislative findings and declarations as to the necessity of a special statute for the City and County of San Francisco. Hide
An Act to Amend Section 17144.5 of the Revenue and Taxation Code, Relating to Taxation, and Declaring the Urgency Thereof, to Take Effect Immediately. SB 30 (2013-2014) CalderonSupportNo
The Personal Income Tax Law conforms to specified provisions of the federal Mortgage Forgiveness Debt Relief Act of 2007, relating to the exclusion of the discharge of qualified principal residence… More
The Personal Income Tax Law conforms to specified provisions of the federal Mortgage Forgiveness Debt Relief Act of 2007, relating to the exclusion of the discharge of qualified principal residence indebtedness, as defined, from a taxpayer’s income if that debt is discharged after January 1, 2007, and before January 1, 2010, as provided. The federal Emergency Economic Stabilization Act of 2008 extended the operation of those provisions to debt that is discharged before January 1, 2013. This bill would extend the operation of the exclusion of the discharge of qualified principal residence indebtedness to debt that is discharged on or after January 1, 2013, and before January 1, 2014. The bill would become operative only if SB 391 is enacted and takes effect. This bill would declare that it is to take effect immediately as an urgency statute. Hide
An Act to Amend Sections 15280 and 15286 of the Education Code, Relating to School Bonds. SB 581 (2013-2014) WylandOpposeYes
The California Constitution limits the maximum amount of any ad valorem tax on real property to 1% of the full cash value of the property except for ad valorem taxes or assessments that pay the… More
The California Constitution limits the maximum amount of any ad valorem tax on real property to 1% of the full cash value of the property except for ad valorem taxes or assessments that pay the interest and redemption charges on bonded indebtedness incurred by a school district, community college district, or county office of education for the construction, rehabilitation, or replacement of school facilities approved by 55% of the voters if the proposition includes specified accountability requirements. These accountability requirements include a requirement that the governing board of either the school district or community college district or county office of education conduct annual independent performance and financial audits. Existing law requires, by March 31 of each year, the annual, independent financial and performance audits for the preceding fiscal year to be submitted to a citizens’ oversight committee that is required to be established if a proposition is approved by the voters, as described above. Existing law requires, without expending bond funds, the governing board of the district to provide the citizens’ oversight committee with any necessary technical assistance and administrative assistance and sufficient resources to publicize the conclusions of the citizens’ oversight committee. This bill would require the annual, independent financial and performance audits to be submitted to the citizens’ oversight committee at the same time they are submitted to the school district or community college district. The bill would also require the governing board of the district to provide the citizens’ oversight committee with responses to any and all findings, recommendations, and concerns addressed in the annual, independent financial and performance audits within 3 months of receiving the audits. Hide
An Act to Amend Sections 5096, 5096.2, 5096.12, 7026.1, 7065.3, 7114, 7141, 7206, 7210, 7887, 9807, and 17914 Of, to Add Section 7851 To, and to Repeal Sections 102.1 and 102.2 Of, the Business and Professions Code, and to Amend Section 44011 of the Health and Safety Code, Relating to Professions and Vocations, and Making an Appropriation Therefor. SB 822 (2013-2014) SupportYes
(1)Existing law requires that certain actions take place with regard to the Cemetery Board and Funeral Directors and Embalmers Board and the Structural Pest Control Board by January 1, 1996. This… More
(1)Existing law requires that certain actions take place with regard to the Cemetery Board and Funeral Directors and Embalmers Board and the Structural Pest Control Board by January 1, 1996. This bill would delete those provisions. (2)Existing law, between July 1, 2013, and January 1, 2019, authorizes an individual whose principal place of business is not in this state and who has a valid and current license, certificate, or permit to practice public accountancy from another state to engage in the practice of public accountancy in this state under a practice privilege without obtaining a certificate or license, if certain conditions are met. This bill would add the condition that the individual is required to notify the Board of Accountancy of any pending criminal charges in any jurisdiction, other than for a minor traffic violation. Existing law, between July 1, 2013, and January 1, 2019, authorizes a certified public accounting firm that is authorized to practice in another state and that does not have an office in this state to engage in the practice of public accountancy in this state through the holder of a practice privilege, and the board is authorized to revoke, suspend, issue a fine, as provided, or otherwise restrict or discipline the firm for any act that would be grounds for discipline against a holder of a practice privilege through which the firm practices. This bill would also authorize the board to issue a citation and fine, as provided, under the general powers given to the board as a part of the Department of Consumer Affairs. (3)Existing law, the Contractors’ State License Law, provides for the licensure and regulation of contractors in this state. Existing law defines the term “contractor” to mean, among other things, any person, consultant to an owner-builder, corporation, or company who or which undertakes, offers to undertake, purports to have the capacity to undertake, or submits a bid to construct any building or home improvement project, or a part thereof. Under existing law, a contractor’s license that has expired may be renewed at any time within 5 years after its expiration by filing an application for renewal on a form prescribed by the registrar of contractors, and payment of the appropriate renewal fee. If the license is renewed after the expiration date, existing law requires the licensee to also pay a delinquency fee. The registrar of contractors is required to conduct a comprehensive field investigation of no less than 3% of applications for an additional classification on a contractor’s license based upon experience and without further examination to ensure that the applicants met the experience requirements and to make public, at quarterly meetings of the Contractors’ State License Board, a listing of all additional classification applications approved during the previous 12 months, including, but not limited to, the name of the applicant, license number, classification applied for, and existing classifications. This bill would provide that the term “contractor” or “consultant” does not apply to a common interest development manager, and a common interest development manager is not required to have a contractor’s license when performing management services, as defined. The bill would provide an exception to the requirement to pay the delinquency fee where an incomplete renewal application, that had originally been submitted on or before the license expiration date, was returned to the licensee by the registrar with an explanation of the reasons for its rejection and a corrected and acceptable renewal application is returned by the licensee within 30 days after the license expiration date. The bill would also require that the license reflect an expired status for any period between the expiration date and the date of submission of a correct and acceptable renewal application. The bill would delete the requirement that the registrar’s investigation be a field investigation, and would delete the requirement that the registrar make public, at quarterly meetings of the Contractors’ State License Board, the listing of all additional classification applications approved during the previous 12 months. (4)Existing law, until January 1, 2014, provides that there is in the Department of Consumer Affairs a State Board of Guide Dogs for the Blind that has exclusive authority to issue licenses for the instruction of blind persons in the use of guide dogs, for the training of guide dogs for use by blind persons, to operate schools for the training of guide dogs for the blind, and for the instruction of blind persons in the use of guide dogs. Existing law requires the board to hold regular meetings at least once a year at which an examination of applicants for certificates of registration is to be given. This bill would delete the regular meeting requirement. (5)Existing law, the Geologist and Geophysicist Act, provides for the licensure, regulation, and discipline of professional geologists and geophysicists by the Board for Professional Engineers, Land Surveyors, and Geologists. A violation of the act is a misdemeanor. Existing law creates the Geology and Geophysics Account of the Professional Engineer’s and Land Surveyor’s Fund, which is a continuously appropriated fund, into which fees prescribed by the act are deposited. This bill would create a new category of licensure, to be known as a “retired license,” for a geologist or geophysicist who meets specified qualifications and would prescribe fees necessary to obtain a retired license, as well as restrictions on holders of the license. The bill would also specify the title that the holder of a retired license is authorized to use. Because a violation of these requirements would be a crime, the bill would impose a state-mandated local program. Because the bill would increase moneys deposited into a continuously appropriated fund, the bill would make an appropriation. (6)Existing law requires any person who regularly transacts business in this state for profit under a fictitious business name to do several things, including, but not limited to, filing a fictitious business name statement not later than 40 days from the time the registrant commences to transact business. Existing law requires the statement to be signed by the husband or wife if the registrants are husband and wife. This bill would instead provide that the statement shall be signed by either party to the marriage if the registrants are a married couple. (7)Existing law authorizes service dealers, licensed by the Bureau of Electronic and Appliance Repair, Home Furnishings, and Thermal Insulation, to install, calibrate, service, maintain, and monitor ignition interlock devices. This bill would limit that authorization to those licensed persons who are authorized to engage in the electronic repair industry, as defined. (8)Existing law establishes a motor vehicle inspection and maintenance (smog check) program administered by the Department of Consumer Affairs. This bill would correct an erroneous cross-reference with respect to that program. (9)This bill would incorporate changes to Section 7887 of the Business and Professions Code proposed by SB 152 that would become operative if this bill and SB 152 are both chaptered and this bill is chaptered last. (10)The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. Hide
An Act to Amend Sections 5092, 5093, 5094.3, and 8030.5 Of, to Add Section 5092.1 To, and to Add and Repeal Sections 8030.4, 8030.6, and 8030.8 Of, the Business and Professions Code, Relating to Professions and Vocations, Making an Appropriation Therefor, and Declaring the Urgency Thereof, to Take Effect Immediately. SB 823 (2013-2014) SupportYes
(1)Existing law provides for the licensure and regulation of accountants by the California Board of Accountancy in the Department of Consumer Affairs. Existing law prohibits a person from engaging in… More
(1)Existing law provides for the licensure and regulation of accountants by the California Board of Accountancy in the Department of Consumer Affairs. Existing law prohibits a person from engaging in the practice of public accountancy in this state unless he or she holds either a valid permit issued by the board or a practice privilege, as specified. Existing law sets forth education, examination, and experience requirements for accountancy licensure. Existing law provides that certain licensure requirement provisions shall become inoperative on January 1, 2014, unless other particular licensure requirements are reduced or eliminated. This bill would, until January 1, 2016, allow applicants who have satisfied the examination requirement on or before December 31, 2013, and who meet all remaining requirements for the issuance of a certified public accountant license, as they existed on December 31, 2013, to be issued a license, notwithstanding that those licensure requirement provisions may become inoperative as of January 1, 2014. Existing law sets forth the requirements for an applicant for admission to the examination for a certified public accountant, including the production of evidence that the applicant has completed a baccalaureate or higher degree. This bill would provide that an applicant who is enrolled in a program that confers a baccalaureate degree upon completion of 150 semester units, as specified, may satisfy the educational requirements for admission to the examination if the applicant’s educational institution mails materials to the board showing the applicant has satisfied certain requirements. This bill would also allow an applicant who successfully passed the accountant examination on or before December 31, 2013, to qualify for a license without satisfying other particular educational requirements, if the applicant completes all other requirements for the issuance of a license on or before December 31, 2015. This bill would also make technical, nonsubstantive changes to these provisions. (2)Existing law provides for the licensure and regulation of court reporters by the Court Reporters Board of California within the Department of Consumer Affairs. Existing law requires, until January 1, 2017, certain fees and revenues collected by the board to be deposited into the Transcript Reimbursement Fund, a continuously appropriated fund, to be available to provide reimbursement for the cost of providing shorthand reporting services to low-income litigants in civil cases. Existing law requires the board, until January 1, 2017, to publicize the availability of the fund to prospective applicants. Existing law requires the unencumbered funds remaining in the Transcript Reimbursement Fund as of January 1, 2017, to be transferred to the Court Reporters’ Fund. Provisions of law that authorized low-income persons appearing pro se to apply for funds from the Transcript Reimbursement Fund, subject to specified requirements and limitations, and other related provisions, were repealed on January 1, 2013. This bill would reenact those provisions that were repealed on January 1, 2013, thereby making an appropriation by requiring the board to disburse funds from the Transcript Reimbursement Fund for the costs, as specified, of preparing court and deposition proceeding transcripts, incurred as a contractual obligation between the shorthand reporter and the applicant, for litigation conducted in California. The bill would provide for the repeal of these provisions on January 1, 2017. This bill would declare that it is to take effect immediately as an urgency statute. Hide
An Act to Amend Sections 40002 and 40900.1 Of, and to Add Section 40059.3 To, the Public Resources Code, Relating to Solid Waste. AB 1178 (2011-2012) MaSupportNo
The existing California Integrated Waste Management Act of 1989 allows each county, city, or district to determine aspects of solid waste handling that are of local concern and the means by which the… More
The existing California Integrated Waste Management Act of 1989 allows each county, city, or district to determine aspects of solid waste handling that are of local concern and the means by which the services are to be provided. This bill would prohibit an ordinance enacted by a city or county, including an ordinance enacted by initiative by the voters of a city or county, from otherwise restricting or limiting the importation of solid waste into a privately owned solid waste facility in that city or county based on place of origin. The bill would provide that this prohibition does not require a privately owned or operated solid waste facility to accept certain waste, does not allow a privately owned solid waste facility to abrogate certain agreements, does not prohibit a city, county, or a regional agency from requiring a privately owned solid waste facility to guarantee permitted capacity to a host jurisdiction, and does not otherwise limit or affect the land use authority of a city or county. Hide
An Act to Amend Sections 31 and 476 Of, and to Add Section 494.5 To, the Business and Professions Code, to Add Section 12419.13 to the Government Code, to Add Section 10295.4 to the Public Contract Code, to Amend Sections 7063, 19195, and 19533 Of, to Add Sections 6835, 7057, 7057.5, 19377.5, 19571, and 19572 To, to Add Article 9 (Commencing with Section 6850) to Chapter 6 of Part 1 of Division 2 Of, and to Add Article 7 (Commencing with Section 19291) to Chapter 5 of Part 10.2 of Division 2 Of, the Revenue and Taxation Code, and to Add Section 34623.1 to the Vehicle Code, Relating to Taxation. AB 1424 (2011-2012) PereaOpposeYes
The Personal Income Tax Law and the Corporation Tax Law impose taxes on, or measured by, income. Existing law requires the Franchise Tax Board to make available as a matter of public record each… More
The Personal Income Tax Law and the Corporation Tax Law impose taxes on, or measured by, income. Existing law requires the Franchise Tax Board to make available as a matter of public record each calendar year a list of the 250 largest tax delinquencies in excess of $100,000, and requires the list to include specified information with respect to each delinquency. Existing law requires every board, as defined, and the Department of Insurance, upon request of the Franchise Tax Board, to furnish to the Franchise Tax Board certain information with respect to every licensee. This bill would require the State Board of Equalization, quarterly, and the Franchise Tax Board, at least twice each calendar year, to make available a list of the 500 largest tax delinquencies described above. This bill would require the Franchise Tax Board to include additional information on the list with respect to each delinquency, including the type, status, and license number of any occupational or professional license held by the person or persons liable for payment of the tax and the names and titles of the principal officers of the person liable for payment of the tax if that person is a limited liability company or corporation. This bill would require a person whose delinquency appeared on either list and whose name has been removed, as provided, to comply with the terms of the arranged resolution, and would authorize the State Board of Equalization and the Franchise Tax Board, if the person fails to comply with the terms of the arranged resolution, to add the person’s name to the list without providing prior written notice, as provided. This bill would require a state governmental licensing entity, other than the Department of Motor Vehicles, State Bar of California, and Alcoholic Beverage Control Board, as provided, that issues professional or occupational licenses, certificates, registrations, or permits, to suspend, revoke, and refuse to issue a license if the licensee’s name is included on either list of the 500 largest tax delinquencies described above. This bill would not include the Contractors’ State License Board in the definition of “state governmental licensing entity.” This bill would also require those licensing entities to collect the social security number or federal taxpayer identification number of each individual applicant of that entity for the purpose of matching those applicants to the names on the lists of the 500 largest tax delinquencies, and would require each application for a new license or renewal of a license to indicate on the application that the law allows the State Board of Equalization and the Franchise Tax Board to share taxpayer information with a board and requires the licensee to pay his or her state tax obligation and that his or her license may be suspended if the state tax obligation is not paid. This bill would also authorize the State Board of Equalization and the Franchise Tax Board to disclose to state governmental licensing entities identifying information, as defined, of persons on the list of the 500 largest tax delinquencies, as specified. This bill would authorize a motor carrier permit of a licensee whose name is on the certified list of tax delinquencies to be suspended, as provided. The bill would require the State Board of Equalization and the Franchise Tax Board to meet certain requirements and would make related changes. The bill would provide that the release or other use of information received by a state governmental licensing entity pursuant to these provisions, except as authorized, is punishable as a misdemeanor. By creating a new crime, the bill would impose a state-mandated local program. This bill would also prohibit a state agency from entering into any contract for the acquisition of goods or services with a contractor whose name appears on either list of the 500 largest tax delinquencies described above. Existing law authorizes the Franchise Tax Board to collect specified amounts for the Department of Industrial Relations and specified amounts imposed by a court pursuant to specified procedures. This bill would authorize the State Board of Equalization and the Franchise Tax Board to enter into an agreement to collect any delinquent tax debt due to the Internal Revenue Service or any other state imposing an income tax, or a tax measured by income, or a sales or use tax, or a similar tax, pursuant to specified procedures, provided that the Internal Revenue Service or that state has entered into an agreement to collect delinquent tax debts due to the State Board of Equalization or the Franchise Tax Board, and the agreements do not cause the net displacement of civil service employees, as specified. This bill would require the Controller, upon execution of a reciprocal agreement between the State Board of Equalization, the Franchise Tax Board, and any other state imposing a sales and use tax, a tax similar to a sales and use tax, an income tax, or tax measured by income, to offset any delinquent tax debt due to that other state from a person or entity, against any refund under the Sales and Use Tax Law, the Personal Income Tax Law, or the Corporation Tax Law owed to that person or entity, as provided. Existing law requires, in the event that the debtor has more than one debt being collected by the Franchise Tax Board and the amount collected is insufficient to satisfy the total amount owed, the amount collected to be applied to specified priorities. This bill would include specified tax delinquencies collected pursuant to this bill. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. Hide
AB 1963 (2011-2012) HuberOpposeNo
An Act to Add Sections 972.3 and 1016 to the Military and Veterans Code, Relating to Veterans, and Making an Appropriation Therefor. AB 2540 (2011-2012) GattoOpposeNo
Existing law authorizes the board of supervisors of each county to appoint, prescribe the qualifications of, and fix the compensation of an officer to be titled “county veterans service officer,”… More
Existing law authorizes the board of supervisors of each county to appoint, prescribe the qualifications of, and fix the compensation of an officer to be titled “county veterans service officer,” whose duty is to administer specified aid provided veterans, to investigate all claims, applications, or requests for aid made, and to perform any other veteran-related services as requested by the county board of supervisors. Existing law provides for the establishment and operation of the Veterans’ Home of California at various sites for aged and disabled veterans who meet certain eligibility requirements.This bill would continuously appropriate, on a fiscal year basis, from the General Fund, $90 million to the Department of Veterans Affairs for the purpose of operating specified veterans’ homes in California and $15 million to the Department of Veterans Affairs for the purposes of funding county veterans service officers, thereby making an appropriation. Hide
An Act to Amend Section 53071.5 of the Government Code, Relating to Imitation Firearms. SB 1315 (2011-2012) De LeonOpposeYes
Existing law provides that the Legislature occupies the whole field of regulation of the manufacture, sale, or possession of imitation firearms, as defined, and that those provisions shall preempt… More
Existing law provides that the Legislature occupies the whole field of regulation of the manufacture, sale, or possession of imitation firearms, as defined, and that those provisions shall preempt and be exclusive of all regulations relating to the manufacture, sale, or possession of imitation firearms, including regulations governing the manufacture, sale, or possession of BB devices and air rifles, as specified. Existing law defines “imitation firearm” as any BB device, toy gun, replica of a firearm, or other device that is so substantially similar in coloration and overall appearance to an existing firearm as to lead a reasonable person to perceive that the device is a firearm. This bill would provide an exception to those provisions by authorizing the County of Los Angeles, or any city within the County of Los Angeles, to enact and enforce an ordinance or resolution that is more restrictive than state law regulating the manufacture, sale, possession, or use of any BB device, toy gun, replica of a firearm, or other device that is so substantially similar in coloration and overall appearance to an existing firearm as to lead a reasonable person to perceive that the device is a firearm and that expels a projectile that is no more than 16 millimeters in diameter. Hide
SB 1405 (2011-2012) De LeonSupportYes
An Act to Amend Section 17085 of the Revenue and Taxation Code, Relating to Taxation, to Take Effect Immediately, Tax Levy. AB 104 (2009-2010) CalderonSupportNo
The Personal Income Tax Law, in modified conformity to federal income tax laws, provides for specified tax treatment with respect to certain annuities and proceeds of life insurance. This bill would… More
The Personal Income Tax Law, in modified conformity to federal income tax laws, provides for specified tax treatment with respect to certain annuities and proceeds of life insurance. This bill would provide further conformity to federal income tax laws by conforming to provisions of the federal Pension Protection Act of 2006 relating to waiver of the 10% early withdrawal penalty tax on certain distributions of pension plans for public safety employees. This bill would take effect immediately as a tax levy. Hide