Bill > AB1582

This bill makes several changes to the Revenue and Taxation Code regarding real property sales and the Katz-Harris Taxpayers' Bill of Rights Act. Firstly, the bill modifies the withholding requirements for real property sales. It provides that a transferee only needs to notify the Franchise Tax Board and remit the applicable withholding amount if an intermediary or accommodator has received amounts from the disposition of California real property and has not disbursed those amounts for the purpose of completing an exchange or exchanges. The bill also authorizes the Franchise Tax Board to prescribe rules, guidelines, procedures, or other guidance to carry out these provisions. Secondly, the bill changes the reporting requirement for the Franchise Tax Board's systematic identification of areas of recurrent taxpayer noncompliance. Instead of reporting this to the Legislature on December 1 of each year, the bill requires the report to be submitted by January 15 of each year.

Budget and Finance

Revenue and Taxation (Assembly)

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202120220AB1582