Bill > AB92

This bill makes several changes to state government operations, primarily related to funding and tax administration. It extends the availability of funds for the Transit-Oriented Development Implementation Fund and the Regional Planning, Housing, and Infill Incentive Account until June 30, 2017, allowing these funds to be used for encumbrances, provided that performance-based milestones are met and approved by the department, which will also revise guidelines for these milestones and evaluate projects individually for time extensions. The bill also modifies how ad valorem property tax revenue is allocated by establishing a Sales and Use Tax Compensation Fund to offset revenue losses from a reduction in local sales and use tax authority, and it introduces new reporting requirements for taxpayers who engage in like-kind exchanges of property (under Section 1031 of the Internal Revenue Code) where the acquired property is located outside of California, requiring them to file information returns with the Franchise Tax Board to track potential tax liabilities. Finally, it amends a previous appropriation act to reflect these changes and declares that the bill is related to the budget and takes effect immediately.