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AB 1423 California Assembly · 2011-2012 Regular Session

Income taxes: federal conformity: Regulated Investment Company Modernization Act of 2010.

Summary
The Personal Income Tax Law and the Corporation Tax Law, in modified conformity with federal income tax laws, provide for particular treatment of regulated investment companies, as specified, including particular treatment regarding capital loss carryovers, income and asset tests, dividend designation and allocation rules, the determination of earnings and profits, the passthrough of exempt-interest dividends and foreign tax credits, spillover dividends, return of capital distribution, distributions in redemption of stock, preferential dividends, deferral of late-year losses, holding period requirements, and sales load basis. This bill would, under both laws, provide additional conformity with federal income tax laws by adopting specified provisions of the Regulated Investment Company Modernization Act of 2010 relating to regulated investment companies, as specified, including the imposition of a tax upon those companies that fail the above-mentioned asset test. This bill would declare that it is to take effect immediately as an urgency statute.
Bill status signed all 5 stages cleared
Introduction
Mar 2011
Committee Review
Sep 2011
Assembly Passage
May 2011
Senate Passage
Aug 2011
Signed into Law
Oct 2011
Introduced Mar 22, 2011 Signed Oct 6, 2011
Floor votes · Senate Aug 31, 2011 · Assembly Sep 9, 2011

How they voted

30–0
Passed · 1 other
Total votes 31
Aug 31, 2011
D Democratic20
20 Yea
100% Yea
R Republican11
10 Yea 1
90% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
27
Key actions
11
Committee
11
Amendments
2
Oct 5, 2011
Signed into law
Approved by the Governor.
legislature
Sep 9, 2011
Assembly · Passed
Assembly Vote: pass (55-8-7)
assembly
Sep 8, 2011
Lower · Passed
Urgency clause adopted. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 64. Noes 9. Page 3142.).
lower
Sep 8, 2011
Lower · Passed
From committee: That the Senate amendments be concurred in. (Ayes 7. Noes 0.) (September 8).
lower
Sep 2, 2011
Committee
Re-referred to Com. on REV. & TAX. pursuant to Assembly Rule 77.2.
lower
Sep 1, 2011
Introduced
In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 3 pursuant to Assembly Rule 77.
lower
Aug 31, 2011
Senate · Passed
Senate Vote: pass (30-0-1)
senate
Aug 25, 2011
Upper · Passed
From committee: Do pass. (Ayes 9. Noes 0.) (August 25).
upper
Aug 15, 2011
Committee
In committee: Referred to APPR. suspense file.
upper
Jul 11, 2011
Upper · Passed
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (July 6).
upper
Jun 20, 2011
Upper · Passed
In committee: Hearing postponed by committee.
upper
Jun 9, 2011
Upper · Passed
In committee: Set, first hearing. Hearing canceled at the request of author.
upper
May 26, 2011
Committee
Referred to Com. on GOV. & F.
upper
May 10, 2011
Lower · Passed
From committee: Do pass. To consent calendar. (Ayes 9. Noes 0.) (May 9).
lower
Mar 31, 2011
Committee
Referred to Com. on REV. & TAX.
lower
Mar 23, 2011
Lower · Passed
From printer. May be heard in committee April 22.
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
HP
Henry Perea
DDemocratic
CA
31