Existing property tax law provides, pursuant to the authorization of the California Constitution, for the exemption from property taxation of the principal residence of a disabled veteran, a veteran's spouse, and the unmarried surviving spouse, in the case in which the veteran has, as a result of a service-connected disease or injury, died while on active duty in military service. Existing property tax law specifies that property is a veteran's principal residence if the veteran would principally reside at that property if not for his or her confinement to a hospital or other care facility. This bill would, beginning with the lien date for the 2012–13 fiscal year and for each fiscal year thereafter, specify that property is an unmarried surviving spouse's principal residence if the unmarried surviving spouse would principally reside at that property if not for his or her confinement to a hospital or other care facility. This bill would also correct an erroneous cross-reference in this provision. This bill would additionally make technical, nonsubstantive changes that would consolidate the provisions relating to the date when property becomes eligible for the disabled veterans' exemption, and would make other conforming changes. This bill would also make other clarifying changes, including clarifying that the exemption terminates for an unmarried surviving spouse of a disabled veteran when that surviving spouse remarries.
Sponsored bills
Existing law provides for the formation and governance of corporations. Existing law allows a corporation to make a distribution of cash or property to shareholders, including a dividend or a repurchase or redemption of shares, only if either the corporation has retained earnings prior to the distribution equal to or exceeding the amount of the distribution or the corporation can satisfy specified balance sheet test and liquidity requirements after giving effect to the distribution, and the distribution will not render the corporation insolvent. This bill would allow a corporation to distribute cash or property to shareholders, including a dividend or repurchase or redemption of shares, if the amount of the corporation's retained earnings prior to the distribution equals or exceeds the sum of the distribution and the cumulative dividends in arrears on certain preferred stock and, after giving effect to the distribution, the value of the corporation's assets equals or exceeds the sum of its liabilities and the liquidation preference of any preferred stock, except as specified. The bill would provide that a board of directors may base a determination that the value of its assets exceeds the amount of liabilities on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances, a fair valuation, or any other method that is reasonable under the circumstances. Existing law provides that a shareholder who knowingly receives an improper distribution is liable to the corporation's creditors and holders of preferred shares, as specified, and that those parties may bring suit in the name of the corporation to enforce those liabilities. This bill would provide that holders of shares having preferential rights with respect to cumulative dividends in arrears shall not have the right to bring suit with respect to an improper distribution unless the amounts owed those holders, as specified, is greater than zero. The bill would also provide that a cause of action with respect to an obligation to return an improper distribution shall be extinguished unless brought within 4 years of the distribution date. Existing law requires a corporation to provide notice, as specified, to shareholders, with respect to a dividend other than one chargeable to retained earnings, stating that the dividend is being made from a source other than retained earnings, and stating the accounting treatment of the dividend. This bill would eliminate that requirement. The bill would make technical, conforming amendments.
This measure would proclaim May 2011 as Buy California Small Business First Month.
(1) The Surface Mining and Reclamation Act of 1975 prohibits a person, with exceptions, from conducting surface mining operations unless a permit is obtained from, a reclamation plan is submitted to and approved by, and financial assurances for reclamation have been approved by, the lead agency for the operation. Existing law prohibits a lead agency from approving a reclamation plan for a surface mining operation for gold, silver, copper, or other metallic minerals or financial assurances for the operation if the operation is located on, or within one mile of, a Native American sacred site and is located in an area of special concern, unless certain criteria are met. This bill would also prohibit a lead agency from approving a reclamation plan for an aggregate products operation if the operation is located on or within 2,000 yards of the external boundaries of an Indian reservation and is on or within 5,000 yards of a Native American sacred site, and is on or within 4,000 yards of the Santa Margarita River or an aquifer that is hydrologically connected to the river, unless the tribe whose reservation is nearest the operation consents to the operation. This bill would declare that it is to take effect immediately as an urgency statute.
This measure would proclaim July 27, 2011, as Korean War Veterans Armistice Day. It would urge Californians to remember the Korean War and those who fought against communism. It would also urge Governor Jerry Brown to proclaim July 27, 2011, as Korean War Armistice Day and instruct all state departments, agencies, interested groups, organizations, and individuals to fly the United States flag at half-mast on July 27, 2011, in memory of the veterans who died as a result of their service in Korea.
This measure would urge Congress to extend the alternative minimum tax holiday for private activity bonds.
Existing law, the Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century, approved by the voters as Proposition 1A at the November 4, 2008, general election, provides for the issuance of $9.95 billion in general obligation bonds for high-speed rail and related purposes. Existing law, the California High-Speed Rail Act, creates the High-Speed Rail Authority to develop and implement a high-speed train system in the state, with specified powers and duties. Existing law requires the authority to approve and submit to the Director of Finance, a specified peer review group, the transportation policy committees and fiscal committees of the Legislature, a detailed funding plan for that corridor or a usable segment thereof of the high-speed train system. Existing law requires the funding plan to include certain information and meet specified requirements. This bill would require the authority to approve an investment grade analysis, to be prepared by the State Auditor, and to submit that investment grade analysis to those same entities. The bill would require that investment grade analysis to include certain information and meet specified requirements.
This measure would proclaim the month of June to be June Dairy Month in California, in honor of the work of dairy producers in California, and would encourage all Californians to continue to support the American dairy industry by including dairy products as part of a healthy diet.
This measure would recognize May 2011 as Asian and Pacific Islander American Heritage Month.