California Assembly Bill AB464 Introduced / Bill

 BILL NUMBER: AB 464INTRODUCED BILL TEXT INTRODUCED BY Assembly Members Mullin and Gordon (Coauthors: Assembly Members Frazier and McCarty) (Coauthors: Senators Allen and Hill) FEBRUARY 23, 2015 An act to amend Section 7251.1 of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 464, as introduced, Mullin. Transactions and use taxes: maximum combined rate. Existing law authorizes cities and counties, subject to certain limitations and approval requirements, to levy a transactions and use tax for general purposes, in accordance with the procedures and requirements set forth in the Transactions and Use Tax Law, including a requirement that the combined rate of all taxes imposed in accordance with that law in the county not exceed 2%. This bill would increase that maximum combined rate to 3%. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 7251.1 of the Revenue and Taxation Code is amended to read: 7251.1. The combined rate of all taxes imposed in accordance with this part in any county  may   shall  not exceed 2 percent.  No   A  tax shall not  be considered to be in accordance with this part if, upon its adoption, the combined rate in the county will exceed  2   3  percent.