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Senate Bill 1331 (Russell – 1992)

Chapter 189, Statutes of 1992 - SB 1331

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As enacted in 1992, Senate Bill 1331 only amended sections 2010 and 2011 of the Corporations Code and added section 23335 to the Revenue and Taxation Code, relating to corporations.  (See Exhibit #1c)  Senator Newton Russell introduced this bill on January 28, 1992 in response to a “difficulty experienced by a dissolving corporation in the author’s district.”  (See Exhibits #1a and #3, page 2)

 

Senate Bill 1331 was assigned to the Senate Committee on Revenue and Taxation and the Assembly Committee on Revenue and Taxation where policy issues raised by the bill were considered.  (See Exhibits #3 and #7)  The fiscal ramifications of the bill were considered by the Senate Committee on Appropriations and the Assembly Committee on Ways and Means.  (See Exhibits #2 and #8)  One amendment was made to Senate Bill 1331.  (See Exhibits #1b and #2)  Subsequent to legislative approval, Governor Pete Wilson signed Senate Bill 1331 on July 13, 1992 and it was recorded by the Secretary of State on July 14th as Chapter 189 of the Statutes of 1992.  (See Exhibit #1c)

 

An Enrolled Bill Report of Senate Bill 1331 prepared by the Franchise Tax Board summarizes the bill as follows:


 

Senate Bill 1331 requires the Franchise Tax Board to treat a corporate tax return designated “final” as a formal request for tax clearance certificate and provide corporate taxpayers with information, including the forms and instructions required to complete the dissolution or withdrawal.  This bill also defines a corporation that has filed a certificate of dissolution with the Secretary of State as a dissolved corporation for purposes of winding up a corporation’s affairs or being ap arty to a court action, even though a Franchise Tax Board tax clearance certificate has not been issued.

 

If enacted on or before October 2, 1992, this bill will be operative January 1, 1993.  If enacted after October 2, 1992, the bill will be operative January 1, 1994.

(See Exhibit #13, document PE-8)