Today's Law As Amended


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AB-1172 Income taxes: charitable remainder trusts.(2013-2014)



As Amends the Law Today


SECTION 1.

 Section 17755 of the Revenue and Taxation Code is repealed.

17755.
 For taxable years beginning on or after January 1, 2014, Section 664(c)(2) of the Internal Revenue Code, relating to excise tax, shall not apply and, in lieu thereof, the unrelated business taxable income, as defined in Section 23732, of every charitable remainder annuity trust or charitable remainder unitrust shall be subject to tax under Section 17651.

SEC. 2.

 Section 17755 is added to the Revenue and Taxation Code, to read:

17755.
 For taxable years beginning on or after January 1, 2014, Section 664(c)(2) of the Internal Revenue Code, relating to excise tax, shall not apply and, in lieu thereof, the unrelated business taxable income, as defined in Section 23732, of every charitable remainder annuity trust or charitable remainder unitrust shall be subject to tax under Section 17651.
SEC. 3.
  This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.