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    Posted: May 13, 2011 | Posted by Crystal Whitfield | No Comments

    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.

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