Today's Law As Amended


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SB-43 Income and corporation taxes: net capital gains: exclusion. (2009-2010)



As Amends the Law Today


SECTION 1.

 Section 18154 is added to the Revenue and Taxation Code, to read:

18154.
 (a) For each taxable year beginning on or after January 1, 2012, and before January 1, 2015, gross income shall not include 50 percent of any net capital gain.
(b) For purposes of this section, “net capital gain” shall be defined by Section 1222 of the Internal Revenue Code, except that “net capital gain” shall be computed only for capital assets (as defined by Section 1221 of the Internal Revenue Code) purchased on or after the effective date of the act adding this section and that are held for more than three years.
(c) This section shall remain in effect only until December 1, 2015, and as of that date is repealed.

SEC. 2.

 Section 24996 is added to the Revenue and Taxation Code, to read:

24996.
 (a) For each taxable year beginning on or after January 1, 2012, and before January 1, 2015, gross income shall not include 50 percent of any net capital gain.
(b) For purposes of this section, “net capital gain” shall be defined by Section 1222 of the Internal Revenue Code, except that “net capital gain” shall be computed only for capital assets (as defined by Section 1221 of the Internal Revenue Code) purchased on or after the effective date of the act adding this section and that are held for more than three years.
(c) This section shall remain in effect only until December 1, 2015, and as of that date is repealed.
SEC. 3.
 This act addresses the fiscal emergency declared by the Governor by proclamation on January 8, 2010, pursuant to subdivision (f) of Section 10 of Article IV of the California Constitution.
SEC. 4.
  This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.