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California Assembly Bill AB1253

California 2021-2022 Regular Session

California Assembly Bill AB1253 Compare Versions

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1-Amended IN Assembly March 25, 2021 CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 1253Introduced by Assembly Members Santiago Santiago, Lorena Gonzalez, Kalra, and Lee(Coauthors: Assembly Members Carrillo, Jones-Sawyer, and Wicks)February 19, 2021An act to amend Section 17733 of the Revenue and Taxation Code, relating to taxation. An act to add Section 17044 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.LEGISLATIVE COUNSEL'S DIGESTAB 1253, as amended, Santiago. Personal Income Tax: credits: trusts and estates. Personal income taxes: additional tax.The Personal Income Tax Law and California Constitution impose taxes based upon taxable income of individuals, estates, and trusts at specified rates.This bill, for taxable years beginning on or after January 1, 2021, in addition to those taxes, would impose an additional tax of at the rates of 1%, 3%, and 3.5% on that portion of a taxpayers taxable income over specified thresholds, as provided.This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIIIA of the California Constitution, and thus would require for passage the approval of 2/3 of the membership of each house of the Legislature.This bill would take effect immediately as a tax levy.The Personal Income Tax Law allows various credits against the taxes imposed by that law, including a credit for estates for $10 and trusts for $1.This bill would make nonsubstantive changes to those provisions.Digest Key Vote: MAJORITY2/3 Appropriation: NO Fiscal Committee: NOYES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 17044 is added to the Revenue and Taxation Code, to read:17044. (a) For each taxable year beginning on or after January 1, 2021, in addition to any other taxes imposed by this part or the California Constitution, an additional tax shall be imposed as follows:(1) At the rate of 1 percent on that portion of a taxpayers taxable income over the adjusted one-million-dollar ($1,000,000) amount, but not over the adjusted two-million-dollar ($2,000,000) amount.(2) At the rate of 3 percent on that portion of a taxpayers taxable income over the adjusted two-million-dollar ($2,000,000) amount, but not over the adjusted five-million-dollar ($5,000,000) amount.(3) At the rate of 3.5 percent on that portion of a taxpayers taxable income over the adjusted five-million-dollar ($5,000,000) amount.(b) For purposes of this part and Part 10.2 (commencing with Section 18401) of Division 2, the tax imposed under this section shall be treated as if imposed under Section 17041, including, but not limited to, the application of subdivisions (b) and (e) of Section 17041, except as follows:(1) Section 17045 shall not apply.(2) The tax imposed under this section shall apply without any adjustments to the income thresholds specified in subdivision (a) for filing status of the taxpayer.(c) The adjusted one-million-dollar ($1,000,000) amount, adjusted two-million-dollar ($2,000,000) amount, and adjusted five-million-dollar ($5,000,000) amount specified in subdivision (a) shall be recomputed as provided in subdivision (h) of Section 17041 of the Revenue and Taxation Code for each taxable year beginning on or after January 1, 2022.(d) For purposes of this section the following definitions shall apply:(1) Adjusted one-million-dollar ($1,000,000) amount means the amount equal to one million one hundred eighty-one thousand four hundred eighty-four dollars ($1,181,484) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.(2) Adjusted two-million-dollar ($2,000,000) amount means the amount equal to two times the adjusted one-million-dollar ($1,000,000) amount described in paragraph (1).(3) Adjusted five-million-dollar ($5,000,000) amount means the amount equal to five million nine hundred seven thousand four hundred twenty dollars ($5,907,420) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.SEC. 2. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.SECTION 1.Section 17733 of the Revenue and Taxation Code is amended to read:17733.(a)An estate shall be allowed a credit of ten dollars ($10) against the tax imposed by Section 17041, less any amounts imposed by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(b)(1)Except as provided in paragraph (2), a trust shall be allowed a credit of one dollar ($1) against the tax imposed by Section 17041, less any amounts imposed by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(2)(A)A disability trust, as defined in Section 642(b)(2)(C) of the Internal Revenue Code, shall be allowed a credit in an amount equal to the personal exemption credit authorized for a single individual pursuant to subdivision (a) of Section 17054.(B)The credit authorized by subparagraph (A) shall be subject to the credit reduction provisions of Section 17054.1. For purposes of making the adjustments required by Section 17054.1, the adjusted gross income of the disability trust shall be computed in accordance with Section 67(e) of the Internal Revenue Code, relating to determination of adjusted gross income in case of estates and trusts.(C)This paragraph applies to taxable years beginning on or after January 1, 2004.(c)The credits allowed by this section shall be in lieu of the credits allowed under Section 17054 (relating to credit for personal exemption).
1+CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 1253Introduced by Assembly Members Santiago and LeeFebruary 19, 2021 An act to amend Section 17733 of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGESTAB 1253, as introduced, Santiago. Personal Income Tax: credits: trusts and estates.The Personal Income Tax Law allows various credits against the taxes imposed by that law, including a credit for estates for $10 and trusts for $1.This bill would make nonsubstantive changes to those provisions.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 17733 of the Revenue and Taxation Code is amended to read:17733. (a) An estate shall be allowed a credit of ten dollars ($10) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(b) (1) Except as provided in paragraph (2), a trust shall be allowed a credit of one dollar ($1) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(2) (A) A disability trust, as defined in Section 642(b)(2)(C) of the Internal Revenue Code, shall be allowed a credit in an amount equal to the personal exemption credit authorized for a single individual pursuant to subdivision (a) of Section 17054.(B) The credit authorized by subparagraph (A) shall be subject to the credit reduction provisions of Section 17054.1. For purposes of making the adjustments required by Section 17054.1, the adjusted gross income of the disability trust shall be computed in accordance with Section 67(e) of the Internal Revenue Code, relating to determination of adjusted gross income in case of estates and trusts.(C) This paragraph applies to taxable years beginning on or after January 1, 2004.(c) The credits allowed by this section shall be in lieu of the credits allowed under Section 17054 (relating to credit for personal exemption).
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3- Amended IN Assembly March 25, 2021 CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 1253Introduced by Assembly Members Santiago Santiago, Lorena Gonzalez, Kalra, and Lee(Coauthors: Assembly Members Carrillo, Jones-Sawyer, and Wicks)February 19, 2021An act to amend Section 17733 of the Revenue and Taxation Code, relating to taxation. An act to add Section 17044 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.LEGISLATIVE COUNSEL'S DIGESTAB 1253, as amended, Santiago. Personal Income Tax: credits: trusts and estates. Personal income taxes: additional tax.The Personal Income Tax Law and California Constitution impose taxes based upon taxable income of individuals, estates, and trusts at specified rates.This bill, for taxable years beginning on or after January 1, 2021, in addition to those taxes, would impose an additional tax of at the rates of 1%, 3%, and 3.5% on that portion of a taxpayers taxable income over specified thresholds, as provided.This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIIIA of the California Constitution, and thus would require for passage the approval of 2/3 of the membership of each house of the Legislature.This bill would take effect immediately as a tax levy.The Personal Income Tax Law allows various credits against the taxes imposed by that law, including a credit for estates for $10 and trusts for $1.This bill would make nonsubstantive changes to those provisions.Digest Key Vote: MAJORITY2/3 Appropriation: NO Fiscal Committee: NOYES Local Program: NO
3+ CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 1253Introduced by Assembly Members Santiago and LeeFebruary 19, 2021 An act to amend Section 17733 of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGESTAB 1253, as introduced, Santiago. Personal Income Tax: credits: trusts and estates.The Personal Income Tax Law allows various credits against the taxes imposed by that law, including a credit for estates for $10 and trusts for $1.This bill would make nonsubstantive changes to those provisions.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
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5- Amended IN Assembly March 25, 2021
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7-Amended IN Assembly March 25, 2021
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7+
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99 CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION
1010
1111 Assembly Bill
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1313 No. 1253
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15-Introduced by Assembly Members Santiago Santiago, Lorena Gonzalez, Kalra, and Lee(Coauthors: Assembly Members Carrillo, Jones-Sawyer, and Wicks)February 19, 2021
15+Introduced by Assembly Members Santiago and LeeFebruary 19, 2021
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17-Introduced by Assembly Members Santiago Santiago, Lorena Gonzalez, Kalra, and Lee(Coauthors: Assembly Members Carrillo, Jones-Sawyer, and Wicks)
17+Introduced by Assembly Members Santiago and Lee
1818 February 19, 2021
1919
20-An act to amend Section 17733 of the Revenue and Taxation Code, relating to taxation. An act to add Section 17044 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
20+ An act to amend Section 17733 of the Revenue and Taxation Code, relating to taxation.
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2222 LEGISLATIVE COUNSEL'S DIGEST
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2424 ## LEGISLATIVE COUNSEL'S DIGEST
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26-AB 1253, as amended, Santiago. Personal Income Tax: credits: trusts and estates. Personal income taxes: additional tax.
26+AB 1253, as introduced, Santiago. Personal Income Tax: credits: trusts and estates.
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28-The Personal Income Tax Law and California Constitution impose taxes based upon taxable income of individuals, estates, and trusts at specified rates.This bill, for taxable years beginning on or after January 1, 2021, in addition to those taxes, would impose an additional tax of at the rates of 1%, 3%, and 3.5% on that portion of a taxpayers taxable income over specified thresholds, as provided.This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIIIA of the California Constitution, and thus would require for passage the approval of 2/3 of the membership of each house of the Legislature.This bill would take effect immediately as a tax levy.The Personal Income Tax Law allows various credits against the taxes imposed by that law, including a credit for estates for $10 and trusts for $1.This bill would make nonsubstantive changes to those provisions.
29-
30-The Personal Income Tax Law and California Constitution impose taxes based upon taxable income of individuals, estates, and trusts at specified rates.
31-
32-This bill, for taxable years beginning on or after January 1, 2021, in addition to those taxes, would impose an additional tax of at the rates of 1%, 3%, and 3.5% on that portion of a taxpayers taxable income over specified thresholds, as provided.
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34-This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIIIA of the California Constitution, and thus would require for passage the approval of 2/3 of the membership of each house of the Legislature.
35-
36-This bill would take effect immediately as a tax levy.
28+The Personal Income Tax Law allows various credits against the taxes imposed by that law, including a credit for estates for $10 and trusts for $1.This bill would make nonsubstantive changes to those provisions.
3729
3830 The Personal Income Tax Law allows various credits against the taxes imposed by that law, including a credit for estates for $10 and trusts for $1.
3931
40-
41-
4232 This bill would make nonsubstantive changes to those provisions.
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44-
4533
4634 ## Digest Key
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4836 ## Bill Text
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50-The people of the State of California do enact as follows:SECTION 1. Section 17044 is added to the Revenue and Taxation Code, to read:17044. (a) For each taxable year beginning on or after January 1, 2021, in addition to any other taxes imposed by this part or the California Constitution, an additional tax shall be imposed as follows:(1) At the rate of 1 percent on that portion of a taxpayers taxable income over the adjusted one-million-dollar ($1,000,000) amount, but not over the adjusted two-million-dollar ($2,000,000) amount.(2) At the rate of 3 percent on that portion of a taxpayers taxable income over the adjusted two-million-dollar ($2,000,000) amount, but not over the adjusted five-million-dollar ($5,000,000) amount.(3) At the rate of 3.5 percent on that portion of a taxpayers taxable income over the adjusted five-million-dollar ($5,000,000) amount.(b) For purposes of this part and Part 10.2 (commencing with Section 18401) of Division 2, the tax imposed under this section shall be treated as if imposed under Section 17041, including, but not limited to, the application of subdivisions (b) and (e) of Section 17041, except as follows:(1) Section 17045 shall not apply.(2) The tax imposed under this section shall apply without any adjustments to the income thresholds specified in subdivision (a) for filing status of the taxpayer.(c) The adjusted one-million-dollar ($1,000,000) amount, adjusted two-million-dollar ($2,000,000) amount, and adjusted five-million-dollar ($5,000,000) amount specified in subdivision (a) shall be recomputed as provided in subdivision (h) of Section 17041 of the Revenue and Taxation Code for each taxable year beginning on or after January 1, 2022.(d) For purposes of this section the following definitions shall apply:(1) Adjusted one-million-dollar ($1,000,000) amount means the amount equal to one million one hundred eighty-one thousand four hundred eighty-four dollars ($1,181,484) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.(2) Adjusted two-million-dollar ($2,000,000) amount means the amount equal to two times the adjusted one-million-dollar ($1,000,000) amount described in paragraph (1).(3) Adjusted five-million-dollar ($5,000,000) amount means the amount equal to five million nine hundred seven thousand four hundred twenty dollars ($5,907,420) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.SEC. 2. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.SECTION 1.Section 17733 of the Revenue and Taxation Code is amended to read:17733.(a)An estate shall be allowed a credit of ten dollars ($10) against the tax imposed by Section 17041, less any amounts imposed by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(b)(1)Except as provided in paragraph (2), a trust shall be allowed a credit of one dollar ($1) against the tax imposed by Section 17041, less any amounts imposed by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(2)(A)A disability trust, as defined in Section 642(b)(2)(C) of the Internal Revenue Code, shall be allowed a credit in an amount equal to the personal exemption credit authorized for a single individual pursuant to subdivision (a) of Section 17054.(B)The credit authorized by subparagraph (A) shall be subject to the credit reduction provisions of Section 17054.1. For purposes of making the adjustments required by Section 17054.1, the adjusted gross income of the disability trust shall be computed in accordance with Section 67(e) of the Internal Revenue Code, relating to determination of adjusted gross income in case of estates and trusts.(C)This paragraph applies to taxable years beginning on or after January 1, 2004.(c)The credits allowed by this section shall be in lieu of the credits allowed under Section 17054 (relating to credit for personal exemption).
38+The people of the State of California do enact as follows:SECTION 1. Section 17733 of the Revenue and Taxation Code is amended to read:17733. (a) An estate shall be allowed a credit of ten dollars ($10) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(b) (1) Except as provided in paragraph (2), a trust shall be allowed a credit of one dollar ($1) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(2) (A) A disability trust, as defined in Section 642(b)(2)(C) of the Internal Revenue Code, shall be allowed a credit in an amount equal to the personal exemption credit authorized for a single individual pursuant to subdivision (a) of Section 17054.(B) The credit authorized by subparagraph (A) shall be subject to the credit reduction provisions of Section 17054.1. For purposes of making the adjustments required by Section 17054.1, the adjusted gross income of the disability trust shall be computed in accordance with Section 67(e) of the Internal Revenue Code, relating to determination of adjusted gross income in case of estates and trusts.(C) This paragraph applies to taxable years beginning on or after January 1, 2004.(c) The credits allowed by this section shall be in lieu of the credits allowed under Section 17054 (relating to credit for personal exemption).
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5240 The people of the State of California do enact as follows:
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5442 ## The people of the State of California do enact as follows:
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56-SECTION 1. Section 17044 is added to the Revenue and Taxation Code, to read:17044. (a) For each taxable year beginning on or after January 1, 2021, in addition to any other taxes imposed by this part or the California Constitution, an additional tax shall be imposed as follows:(1) At the rate of 1 percent on that portion of a taxpayers taxable income over the adjusted one-million-dollar ($1,000,000) amount, but not over the adjusted two-million-dollar ($2,000,000) amount.(2) At the rate of 3 percent on that portion of a taxpayers taxable income over the adjusted two-million-dollar ($2,000,000) amount, but not over the adjusted five-million-dollar ($5,000,000) amount.(3) At the rate of 3.5 percent on that portion of a taxpayers taxable income over the adjusted five-million-dollar ($5,000,000) amount.(b) For purposes of this part and Part 10.2 (commencing with Section 18401) of Division 2, the tax imposed under this section shall be treated as if imposed under Section 17041, including, but not limited to, the application of subdivisions (b) and (e) of Section 17041, except as follows:(1) Section 17045 shall not apply.(2) The tax imposed under this section shall apply without any adjustments to the income thresholds specified in subdivision (a) for filing status of the taxpayer.(c) The adjusted one-million-dollar ($1,000,000) amount, adjusted two-million-dollar ($2,000,000) amount, and adjusted five-million-dollar ($5,000,000) amount specified in subdivision (a) shall be recomputed as provided in subdivision (h) of Section 17041 of the Revenue and Taxation Code for each taxable year beginning on or after January 1, 2022.(d) For purposes of this section the following definitions shall apply:(1) Adjusted one-million-dollar ($1,000,000) amount means the amount equal to one million one hundred eighty-one thousand four hundred eighty-four dollars ($1,181,484) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.(2) Adjusted two-million-dollar ($2,000,000) amount means the amount equal to two times the adjusted one-million-dollar ($1,000,000) amount described in paragraph (1).(3) Adjusted five-million-dollar ($5,000,000) amount means the amount equal to five million nine hundred seven thousand four hundred twenty dollars ($5,907,420) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.
44+SECTION 1. Section 17733 of the Revenue and Taxation Code is amended to read:17733. (a) An estate shall be allowed a credit of ten dollars ($10) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(b) (1) Except as provided in paragraph (2), a trust shall be allowed a credit of one dollar ($1) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(2) (A) A disability trust, as defined in Section 642(b)(2)(C) of the Internal Revenue Code, shall be allowed a credit in an amount equal to the personal exemption credit authorized for a single individual pursuant to subdivision (a) of Section 17054.(B) The credit authorized by subparagraph (A) shall be subject to the credit reduction provisions of Section 17054.1. For purposes of making the adjustments required by Section 17054.1, the adjusted gross income of the disability trust shall be computed in accordance with Section 67(e) of the Internal Revenue Code, relating to determination of adjusted gross income in case of estates and trusts.(C) This paragraph applies to taxable years beginning on or after January 1, 2004.(c) The credits allowed by this section shall be in lieu of the credits allowed under Section 17054 (relating to credit for personal exemption).
5745
58-SECTION 1. Section 17044 is added to the Revenue and Taxation Code, to read:
46+SECTION 1. Section 17733 of the Revenue and Taxation Code is amended to read:
5947
6048 ### SECTION 1.
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62-17044. (a) For each taxable year beginning on or after January 1, 2021, in addition to any other taxes imposed by this part or the California Constitution, an additional tax shall be imposed as follows:(1) At the rate of 1 percent on that portion of a taxpayers taxable income over the adjusted one-million-dollar ($1,000,000) amount, but not over the adjusted two-million-dollar ($2,000,000) amount.(2) At the rate of 3 percent on that portion of a taxpayers taxable income over the adjusted two-million-dollar ($2,000,000) amount, but not over the adjusted five-million-dollar ($5,000,000) amount.(3) At the rate of 3.5 percent on that portion of a taxpayers taxable income over the adjusted five-million-dollar ($5,000,000) amount.(b) For purposes of this part and Part 10.2 (commencing with Section 18401) of Division 2, the tax imposed under this section shall be treated as if imposed under Section 17041, including, but not limited to, the application of subdivisions (b) and (e) of Section 17041, except as follows:(1) Section 17045 shall not apply.(2) The tax imposed under this section shall apply without any adjustments to the income thresholds specified in subdivision (a) for filing status of the taxpayer.(c) The adjusted one-million-dollar ($1,000,000) amount, adjusted two-million-dollar ($2,000,000) amount, and adjusted five-million-dollar ($5,000,000) amount specified in subdivision (a) shall be recomputed as provided in subdivision (h) of Section 17041 of the Revenue and Taxation Code for each taxable year beginning on or after January 1, 2022.(d) For purposes of this section the following definitions shall apply:(1) Adjusted one-million-dollar ($1,000,000) amount means the amount equal to one million one hundred eighty-one thousand four hundred eighty-four dollars ($1,181,484) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.(2) Adjusted two-million-dollar ($2,000,000) amount means the amount equal to two times the adjusted one-million-dollar ($1,000,000) amount described in paragraph (1).(3) Adjusted five-million-dollar ($5,000,000) amount means the amount equal to five million nine hundred seven thousand four hundred twenty dollars ($5,907,420) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.
50+17733. (a) An estate shall be allowed a credit of ten dollars ($10) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(b) (1) Except as provided in paragraph (2), a trust shall be allowed a credit of one dollar ($1) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(2) (A) A disability trust, as defined in Section 642(b)(2)(C) of the Internal Revenue Code, shall be allowed a credit in an amount equal to the personal exemption credit authorized for a single individual pursuant to subdivision (a) of Section 17054.(B) The credit authorized by subparagraph (A) shall be subject to the credit reduction provisions of Section 17054.1. For purposes of making the adjustments required by Section 17054.1, the adjusted gross income of the disability trust shall be computed in accordance with Section 67(e) of the Internal Revenue Code, relating to determination of adjusted gross income in case of estates and trusts.(C) This paragraph applies to taxable years beginning on or after January 1, 2004.(c) The credits allowed by this section shall be in lieu of the credits allowed under Section 17054 (relating to credit for personal exemption).
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64-17044. (a) For each taxable year beginning on or after January 1, 2021, in addition to any other taxes imposed by this part or the California Constitution, an additional tax shall be imposed as follows:(1) At the rate of 1 percent on that portion of a taxpayers taxable income over the adjusted one-million-dollar ($1,000,000) amount, but not over the adjusted two-million-dollar ($2,000,000) amount.(2) At the rate of 3 percent on that portion of a taxpayers taxable income over the adjusted two-million-dollar ($2,000,000) amount, but not over the adjusted five-million-dollar ($5,000,000) amount.(3) At the rate of 3.5 percent on that portion of a taxpayers taxable income over the adjusted five-million-dollar ($5,000,000) amount.(b) For purposes of this part and Part 10.2 (commencing with Section 18401) of Division 2, the tax imposed under this section shall be treated as if imposed under Section 17041, including, but not limited to, the application of subdivisions (b) and (e) of Section 17041, except as follows:(1) Section 17045 shall not apply.(2) The tax imposed under this section shall apply without any adjustments to the income thresholds specified in subdivision (a) for filing status of the taxpayer.(c) The adjusted one-million-dollar ($1,000,000) amount, adjusted two-million-dollar ($2,000,000) amount, and adjusted five-million-dollar ($5,000,000) amount specified in subdivision (a) shall be recomputed as provided in subdivision (h) of Section 17041 of the Revenue and Taxation Code for each taxable year beginning on or after January 1, 2022.(d) For purposes of this section the following definitions shall apply:(1) Adjusted one-million-dollar ($1,000,000) amount means the amount equal to one million one hundred eighty-one thousand four hundred eighty-four dollars ($1,181,484) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.(2) Adjusted two-million-dollar ($2,000,000) amount means the amount equal to two times the adjusted one-million-dollar ($1,000,000) amount described in paragraph (1).(3) Adjusted five-million-dollar ($5,000,000) amount means the amount equal to five million nine hundred seven thousand four hundred twenty dollars ($5,907,420) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.
52+17733. (a) An estate shall be allowed a credit of ten dollars ($10) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(b) (1) Except as provided in paragraph (2), a trust shall be allowed a credit of one dollar ($1) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(2) (A) A disability trust, as defined in Section 642(b)(2)(C) of the Internal Revenue Code, shall be allowed a credit in an amount equal to the personal exemption credit authorized for a single individual pursuant to subdivision (a) of Section 17054.(B) The credit authorized by subparagraph (A) shall be subject to the credit reduction provisions of Section 17054.1. For purposes of making the adjustments required by Section 17054.1, the adjusted gross income of the disability trust shall be computed in accordance with Section 67(e) of the Internal Revenue Code, relating to determination of adjusted gross income in case of estates and trusts.(C) This paragraph applies to taxable years beginning on or after January 1, 2004.(c) The credits allowed by this section shall be in lieu of the credits allowed under Section 17054 (relating to credit for personal exemption).
6553
66-17044. (a) For each taxable year beginning on or after January 1, 2021, in addition to any other taxes imposed by this part or the California Constitution, an additional tax shall be imposed as follows:(1) At the rate of 1 percent on that portion of a taxpayers taxable income over the adjusted one-million-dollar ($1,000,000) amount, but not over the adjusted two-million-dollar ($2,000,000) amount.(2) At the rate of 3 percent on that portion of a taxpayers taxable income over the adjusted two-million-dollar ($2,000,000) amount, but not over the adjusted five-million-dollar ($5,000,000) amount.(3) At the rate of 3.5 percent on that portion of a taxpayers taxable income over the adjusted five-million-dollar ($5,000,000) amount.(b) For purposes of this part and Part 10.2 (commencing with Section 18401) of Division 2, the tax imposed under this section shall be treated as if imposed under Section 17041, including, but not limited to, the application of subdivisions (b) and (e) of Section 17041, except as follows:(1) Section 17045 shall not apply.(2) The tax imposed under this section shall apply without any adjustments to the income thresholds specified in subdivision (a) for filing status of the taxpayer.(c) The adjusted one-million-dollar ($1,000,000) amount, adjusted two-million-dollar ($2,000,000) amount, and adjusted five-million-dollar ($5,000,000) amount specified in subdivision (a) shall be recomputed as provided in subdivision (h) of Section 17041 of the Revenue and Taxation Code for each taxable year beginning on or after January 1, 2022.(d) For purposes of this section the following definitions shall apply:(1) Adjusted one-million-dollar ($1,000,000) amount means the amount equal to one million one hundred eighty-one thousand four hundred eighty-four dollars ($1,181,484) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.(2) Adjusted two-million-dollar ($2,000,000) amount means the amount equal to two times the adjusted one-million-dollar ($1,000,000) amount described in paragraph (1).(3) Adjusted five-million-dollar ($5,000,000) amount means the amount equal to five million nine hundred seven thousand four hundred twenty dollars ($5,907,420) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.
54+17733. (a) An estate shall be allowed a credit of ten dollars ($10) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(b) (1) Except as provided in paragraph (2), a trust shall be allowed a credit of one dollar ($1) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.(2) (A) A disability trust, as defined in Section 642(b)(2)(C) of the Internal Revenue Code, shall be allowed a credit in an amount equal to the personal exemption credit authorized for a single individual pursuant to subdivision (a) of Section 17054.(B) The credit authorized by subparagraph (A) shall be subject to the credit reduction provisions of Section 17054.1. For purposes of making the adjustments required by Section 17054.1, the adjusted gross income of the disability trust shall be computed in accordance with Section 67(e) of the Internal Revenue Code, relating to determination of adjusted gross income in case of estates and trusts.(C) This paragraph applies to taxable years beginning on or after January 1, 2004.(c) The credits allowed by this section shall be in lieu of the credits allowed under Section 17054 (relating to credit for personal exemption).
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6856
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70-17044. (a) For each taxable year beginning on or after January 1, 2021, in addition to any other taxes imposed by this part or the California Constitution, an additional tax shall be imposed as follows:
58+17733. (a) An estate shall be allowed a credit of ten dollars ($10) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.
7159
72-(1) At the rate of 1 percent on that portion of a taxpayers taxable income over the adjusted one-million-dollar ($1,000,000) amount, but not over the adjusted two-million-dollar ($2,000,000) amount.
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74-(2) At the rate of 3 percent on that portion of a taxpayers taxable income over the adjusted two-million-dollar ($2,000,000) amount, but not over the adjusted five-million-dollar ($5,000,000) amount.
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76-(3) At the rate of 3.5 percent on that portion of a taxpayers taxable income over the adjusted five-million-dollar ($5,000,000) amount.
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78-(b) For purposes of this part and Part 10.2 (commencing with Section 18401) of Division 2, the tax imposed under this section shall be treated as if imposed under Section 17041, including, but not limited to, the application of subdivisions (b) and (e) of Section 17041, except as follows:
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80-(1) Section 17045 shall not apply.
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82-(2) The tax imposed under this section shall apply without any adjustments to the income thresholds specified in subdivision (a) for filing status of the taxpayer.
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84-(c) The adjusted one-million-dollar ($1,000,000) amount, adjusted two-million-dollar ($2,000,000) amount, and adjusted five-million-dollar ($5,000,000) amount specified in subdivision (a) shall be recomputed as provided in subdivision (h) of Section 17041 of the Revenue and Taxation Code for each taxable year beginning on or after January 1, 2022.
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86-(d) For purposes of this section the following definitions shall apply:
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88-(1) Adjusted one-million-dollar ($1,000,000) amount means the amount equal to one million one hundred eighty-one thousand four hundred eighty-four dollars ($1,181,484) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.
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90-(2) Adjusted two-million-dollar ($2,000,000) amount means the amount equal to two times the adjusted one-million-dollar ($1,000,000) amount described in paragraph (1).
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92-(3) Adjusted five-million-dollar ($5,000,000) amount means the amount equal to five million nine hundred seven thousand four hundred twenty dollars ($5,907,420) that is recomputed by the Franchise Tax Board as provided in subdivision (h) of Section 17041 for taxable years beginning on or after January 1, 2021, and before January 1, 2022.
93-
94-SEC. 2. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
95-
96-SEC. 2. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
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98-SEC. 2. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
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100-### SEC. 2.
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102-
103-
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106-(a)An estate shall be allowed a credit of ten dollars ($10) against the tax imposed by Section 17041, less any amounts imposed by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.
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108-
109-
110-(b)(1)Except as provided in paragraph (2), a trust shall be allowed a credit of one dollar ($1) against the tax imposed by Section 17041, less any amounts imposed by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.
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60+(b) (1) Except as provided in paragraph (2), a trust shall be allowed a credit of one dollar ($1) against the tax imposed under by Section 17041, less any amounts imposed under by paragraph (1) of subdivision (d) or paragraph (1) of subdivision (e), or both, of Section 17560.
11361
11462 (2) (A) A disability trust, as defined in Section 642(b)(2)(C) of the Internal Revenue Code, shall be allowed a credit in an amount equal to the personal exemption credit authorized for a single individual pursuant to subdivision (a) of Section 17054.
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116-
117-
11864 (B) The credit authorized by subparagraph (A) shall be subject to the credit reduction provisions of Section 17054.1. For purposes of making the adjustments required by Section 17054.1, the adjusted gross income of the disability trust shall be computed in accordance with Section 67(e) of the Internal Revenue Code, relating to determination of adjusted gross income in case of estates and trusts.
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120-
121-
12266 (C) This paragraph applies to taxable years beginning on or after January 1, 2004.
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124-
12567
12668 (c) The credits allowed by this section shall be in lieu of the credits allowed under Section 17054 (relating to credit for personal exemption).