Legislative bill watch list July 2019 Tax News

Many tax bills are introduced at the beginning of each legislative season. As bills move through the first house portion of the legislative process, the number of bills that continue to move forward dwindles. Below are a number of franchise and income tax related bills that have passed to the second house:

• AB 37 (Jones-Sawyer) PIT Deduction/Commercial Cannabis Activity
• AB 78 (Committee on Budget) Healthcare
• AB 136 (Quirk-Silva) Charitable Contribution Deduction
• AB 614 (Eggman) Agriculture Product Donations to Food Bank Credit
• AB 1442 (Rivas) Share Our Values Tax Credit
• AB 1590 (Rubio) Qualified First-Time Homebuyer Credit
• SB 51 (Hertzberg et al.) Cannabis Limited Charter Banking and Credit Union Law
• SB 63 (Hertzberg) Student Loan Debt Relief
• SB 248 (Glazer) Renters Credit/Increase Credit/FTB Annually Adjust Adjusted Gross Income for Inflation
• SB 422 (Hueso) Hiring Credit
• SB 521 (Portantino) Section 8 Housing Tax Credit
• SB 763 (Galgiani) Mortgage Forgiveness Debt Relief Within Federal Disaster Area

The State Budget was signed on June 27, 2019. Budget trailer bills that include provisions affecting the Revenue and Taxation Code were also signed:

• SB 78 (Committee on Budget and Fiscal Review) Healthcare
• SB 92 (Committee on Budget and Fiscal Review) Office of Tax Appeals: Establish Alternative to Appear Before a Tax Appeals Panel

Additionally on June 27, 2019, two budget trailer bills, AB 101 and SB 102, were amended to include provisions that would modify the Low Income Housing Credit. A third trailer bill, AB 91 (Burke, et al.), was enrolled and not yet signed; Income taxation: Loophole Closure and Small Business and Working Families Tax Relief Act of 2019.

For more information on these and other bills we're currently analyzing, search for legislative information on our website. You can also follow legislative bills by using California Legislative Information website.