Summary The Personal Income Tax Law and California Constitution imposes taxes based upon taxable income of individuals, estates, and trusts at specified rates.This bill, for taxable years beginning on or after January 1, 2020, 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 taxpayer’s taxable income over specified thresholds, as provided.This bill contains other related provisions.
(Based on text date 7/27/2020)
|