Bill Text: CA AB893 | 2013-2014 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Income taxes: deductions: Mello-Roos.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-02-03 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB893 Detail]
Download: California-2013-AB893-Introduced.html
Bill Title: Income taxes: deductions: Mello-Roos.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-02-03 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB893 Detail]
Download: California-2013-AB893-Introduced.html
BILL NUMBER: AB 893 INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Daly FEBRUARY 22, 2013 An act to amend Section 6006.3 of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 893, as introduced, Daly. Sales and use taxes: lease: definition. The Sales and Use Tax Law defines a "lease" for purposes of application of that law. This bill would make technical, nonsubstantive changes to that definition. 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 6006.3 of the Revenue and Taxation Code is amended to read: 6006.3. "Lease" includes rental, hire and license. "Lease" does not include a use of tangible personal property fora period ofless than one day for a charge of less than twenty dollars ($20) when the privilege to use the property is restricted to its usethereofon the premises or at a business location of the grantor of the privilege.WhereIf a contract designated as a lease binds the lessee for a fixed term and the lessee is to obtain title at the end of the term upon the completion of the required payment , or has the option at that time to purchase the property for a nominal amount, the contract shall be regarded as a sale under a security agreement from its inception and not as a lease.In the case ofFor a contract designated as a lease with any state or local governmental body, or any agency or instrumentality thereof, the lessee shall be treated as bound for a fixed term notwithstanding any right of the lessee to terminate the contract in the event that sufficient funds are not appropriated to pay amounts due under the contract.