On April 29, California AB 71 was approved by the Assembly Housing and Community Development Committee. AB 71 was approved by the Assembly Committee on Revenue and Taxation earlier in April. The bill will now head to the Assembly Appropriations Committee for consideration. The Appropriations Committee is typically the final committee to consider a bill before it goes to an Assembly floor vote. Please see our previous post here for more information on AB 71’s proposed corporate tax increases, including the inclusion of GILTI and repatriation income of affiliated corporations in a California taxpayer’s gross income.
