AB 448 (Ammiano; D-San Francisco), the Legislature’s latest attempt at creating a split roll property tax in California, has been rescheduled to be heard in the Assembly Revenue and Taxation Committee sometime in June.
AB 448 would impose higher taxes on publicly-traded property owners on stock market sales when no change of control actually takes place. In addition, other employers of all sizes that have had small ownership changes over a period of three years or less, where no change of control has occurred, could also trigger a property tax reassessment. The change in ownership provisions would cause all of a business’ property to be reassessed.
In other words, AB 448 will force a change-in-ownership reassessment of a company’s property even if there has been no real change in actual control of the company.
From what is known about the economic impacts of split roll, it remains a destructive, ill-advised idea. Such a move would imperil the state’s economy and would be one of the single most damaging tax policy changes that could occur in California.
Read Similar Post on This Topic
What Do You Think. Please Leave a Comment.
There are no comments yet, please leave one.