SB 472 (
Dutton)
Income and corporation taxes: net capital gains:
exclusion.LEGISLATIVE COUNSEL'S DIGEST
SB 472, as amended, Dutton. Income and corporation taxes:
net capital gains: exclusion.
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, 2009 2012 , and before January 1,
2012 2015 , 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.
Amended: 05/14/09 | PDFIntroduced: 02/26/09 | PDF
05/14/09: From committee with author's amendments. Read second
time. Amended. Re-referred to Com. on REV. & TAX.
(bill history)| 2009 |
| May 14 From committee with author's amendments. Read second time.
|
| Amended. Re-referred to Com. on REV. & TAX.
|
| May 13 Placed on REV. & TAX. suspense file.
|
| Apr. 14 Set for hearing May 13.
|
| Mar. 12 To Com. on REV. & TAX.
|
| Feb. 27 From print. May be acted upon on or after March 28.
|
| Feb. 26 Introduced. Read first time. To Com. on RLS. for assignment. To
|
| print.
|
full history file |
Bill AnalysisSenate committee analysis (05/11/09)
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