Bill > AB2289

This bill proposes to impose an annual tax on the worldwide net worth of California residents, part-year residents, temporary residents, and wealth-tax residents. For taxable years beginning on or after January 1, 2023, and before January 1, 2025, the bill would impose a 1.5% tax on worldwide net worth in excess of $1 billion ($500 million for married taxpayers filing separately). For taxable years beginning on or after January 1, 2025, the bill would impose a 1% tax on worldwide net worth in excess of $50 million ($25 million for married taxpayers filing separately), plus an additional 0.5% tax on worldwide net worth in excess of $1 billion ($500 million for married taxpayers filing separately). The bill would also establish the Wealth Tax Advisory Council to determine adequate funding and staffing for administering the wealth tax, and would create two continuously appropriated funds to cover the expenses of administering and collecting the tax. Additionally, the bill would apply the provisions of the False Claims Act to claims, records, or statements made in relation to the wealth tax.