Bill Text: CA SB472 | 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: net capital gains:

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-02-01 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB472 Detail]

Download: California-2009-SB472-Introduced.html

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BILL NUMBER: SB 472	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Dutton

                        FEBRUARY 26, 2009

   An act to add and repeal Sections 18154 and 24996 of the Revenue
and Taxation Code, relating to taxation, to take effect immediately,
tax levy.



	LEGISLATIVE COUNSEL'S DIGEST


   SB 472, as introduced, Dutton.  Income and corporation taxes:
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, and before January 1, 2012, provide that gross income does
not include 50% of any gain from the sale or exchange of a capital
asset, as defined, that is held for more than 3 years.
   This bill would take effect immediately as a tax levy.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


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

  SECTION 1.  Section 18154 is added to the Revenue and Taxation
Code, to read:
   18154.  (a) For each taxable year beginning on or after January 1,
2009, and before January 1, 2012, gross income shall not include 50
percent of any gain from the sale or exchange of a capital asset, as
defined by Section 1221 of the Internal Revenue Code, that is held
for more than three years.
   (b) This section shall remain in effect only until December 1,
2012, and as of that date is repealed.
  SEC. 2.  Section 24996 is added to the Revenue and Taxation Code,
to read:
   24996.  (a) For each taxable year beginning on or after January 1,
2009, and before January 1, 2012, gross income shall not include 50
percent of any gain from the sale or exchange of a capital asset, as
defined by Section 1221 of the Internal Revenue Code, that is held
for more than three years.
   (b) This section shall remain in effect only until December 1,
2012, and as of that date is repealed.
  SEC. 3.  This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.