Store Research
Assembly Bill 2425 (Klehs – 1992)
Chapter 698, Statutes of 1992, AB 2425
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Numerous Revenue and Taxation Code sections relating to income taxes and bank and corporation taxes were affected in 1992 following legislative approval of Assembly Bill 2425. (See Exhibit #1i) This bill was introduced on January 29, 1992 by Assembly member Johan Klehs, who served at this time as chair of the Assembly Committee on Revenue and Taxation. (See Exhibits #1a and #3a, page 1)
Assembly Bill 2425 was assigned to the Assembly Committee on Revenue and Taxation where policy issues raised by the bill were considered. (See Exhibit #3) After approval by that Committee, the Assembly Committee on Ways and Means examined its fiscal ramifications. (See Exhibit #5) The Assembly amended the bill on April 8, April 21, and April 29, 1992. (See Exhibits #1b through #1d) Assembly Bill 2425 was approved by the Assembly and forwarded to the Senate on June 8, 1992. (See Exhibit #2)
While in the Senate, the Senate Committee on Revenue and Taxation considered the policy issues raised by the bill. (See Exhibit #9) Subsequent to approval by that Committee, the measure was assigned to the Senate Committee on Appropriations which examined its fiscal implications. (See Exhibit #11) Four amendments were made to Assembly Bill 2425 by the Senate, on June 15, June 25, July 10, and July 23, 1992. (See Exhibits #1e through #1h) The Senate thereafter approved the bill and returned it to the Assembly. (See Exhibit #2)
The Assembly approved the Senate amendments, and Assembly Bill 2425 was forwarded to the Governor on September 14, 1992. Governor Pete Wilson signed the bill on September 14, 1992, and it was recorded by the Secretary of State on September 15, 1992 as Chapter 698 of the Statutes of 1992. (See Exhibits #1i and #2)
The Third Reading analysis of Assembly Bill 2425 as last amended on July 23, 1992 that was prepared by the Office of Senate Floor Analyses described this bill as follows:
DIGEST: This bill conforms state tax law to 1991 changes in federal tax law. It also restructures the Bank and Corporation Tax to conform by reference to the federal tax law.
(See Exhibit #13, page 1)