The purpose of this Quarterly California Tax Legislative Update is to provide our clients and prospective clients with timely and meaningful updates that affect both their personal income and business taxes.
The 2nd Quarter of 2014 saw California provide an update on potential legislation that would change the definition of an ownership change for real property tax assessment. The California Supreme Court provided guidance on the potential for a third party to challenge a retail taxpayer’s sales tax reimbursement methodology and finally, the state provided guidance on the treatment of flow thru activities with respect to the often maligned fee on limited liability companies doing business in California.
This tax alert includes information on the following:
- Legislature Approves Changes to Assembly Bill 2372
- California Supreme Court Victory for Retailers on Excess Sales Tax Reimbursement
- California adopted regulation 17942 effective July 1, 2014