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.