Bill > AB2088

This bill would impose an annual wealth tax of 0.4% on California residents with a worldwide net worth in excess of $30 million (or $15 million for married taxpayers filing separately). The bill would require the Franchise Tax Board to amend or create new tax forms to report various assets and liabilities for the purposes of calculating the wealth tax. The bill would also provide rules for valuing non-publicly traded assets, allowing for deferred tax liability in certain cases, and providing credits for property taxes paid on real estate. Additionally, the bill would include special apportionment rules for new residents, former residents, and "wealth tax residents" to determine the portion of their net worth subject to the tax.