Bill Text: CA AB876 | 2009-2010 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Income and corporation taxes: capital gains: exclusion.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2010-02-02 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB876 Detail]

Download: California-2009-AB876-Introduced.html

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BILL NUMBER: AB 876	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Harkey

                        FEBRUARY 26, 2009

   An act to amend Section 18155 of the Revenue and Taxation Code,
relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 876, as introduced, Harkey. Capital gains and losses.
   Existing income tax law, in modified conformity to federal income
laws, provides for the specified treatment of capital gains and
losses, but does not allow capital loss carrybacks.
   This bill would make a technical, nonsubstantive change to those
provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 18155 of the Revenue and Taxation Code is
amended to read:
   18155.  No deduction shall be allowed for  any  capital
loss carrybacks provided by Section 1212 of the Internal Revenue
Code.