SB 789 (Menjivar D) Taxation: information returns: vacant commercial real property.
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(Menjivar D) Taxation: information returns: vacant commercial real property. |
Position: Watch
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Introduced: 2/21/2025 |
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Last Amend: 4/30/2025 |
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Status: 5/23/2025-May 23 hearing: Held in committee and under submission. |
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Location: 5/12/2025-S. APPR. SUSPENSE FILE |
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Summary: Current statutory law, the Documentary Transfer Tax Act, authorizes the imposition of a tax by a county or city, as provided, with respect to specified instruments that transfer specified interests in real property. Current law establishes the California Department of Tax and Fee Administration for the purpose of administering various taxes. This bill would require a person, as defined, that owns commercial property, as defined, in this state to register with the department, as provided. The bill would require every person owning commercial real property in this state to file an information return each year by a date determined by the department, as provided. The bill would require the information return to include specified information, including, among other requirements, whether any buildings or portions of buildings were vacant in the previous calendar year. The bill would authorize extensions of the time for a person to file an information return under specified circumstances, including for good cause. The bill would impose on any person who fails or refuses to timely furnish a return required by its provisions a penalty of $100 per commercial property that the person fails or refuses to timely furnish the information return. The bill would authorize the Director of Finance to make a loan from the General Fund to the department to implement those provisions, and would require any loan to be repaid from revenues from penalties imposed. |