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AB-502 Personal income tax.(2019-2020)

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Date Published: 02/13/2019 09:00 PM
AB502:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill
No. 502


Introduced by Assembly Member Brough

February 13, 2019


An act to amend Section 17008 of the Revenue and Taxation Code, relating to taxation.


LEGISLATIVE COUNSEL'S DIGEST


AB 502, as introduced, Brough. Personal income tax.
The Personal Income Tax Law imposes taxes on taxable income, as provided, and defines various terms for these purposes, including partnership and partner.
This bill would make nonsubstantive changes to those definitions.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 17008 of the Revenue and Taxation Code is amended to read:

17008.
 (a) “Partnership” includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this part, a trust or estate trust, estate, or a corporation.

“ Partner”

(b) “Partner” includes a member in such a syndicate, group, pool, joint venture, or organization.

A

(c) A person shall be recognized as a partner for income purposes if he or she owns a capital interest in a partnership in which capital is a material income-producing factor, whether or not such interest was derived by purchase or gift from any other person.