CaliforniaReal Estate Investment Trusts: management duties.
What it does
The Corporation Tax Law, in modified conformity with federal income tax law, allows a corporation, trust, or association that would otherwise be taxable as a domestic corporation to elect to be treated as a real estate investment trust (REIT) if specified requirements are met in relation to the character of income received by the entity, including a requirement that 95% of the entity's income fits into several categories, including rents from real property. Existing law specifically excludes from the term "rents from real property" impermissible tenant service income, defined to include amounts received directly or indirectly for managing or operating real property.
More detail
This bill would allow affected employees of a lodging facility, as defined, or their representative to provide evidence to the Labor Commissioner of activities performed by a REIT that constitute direct or indirect operation or management of a lodging facility. The bill would require the Labor Commissioner to confirm receipt of that evidence and, within 45 days of receipt, would require the Labor Commissioner to provide the affected employee or representative a written response to the submission, and would require the Labor Commissioner to forward that response to the Franchise Tax Board.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- May 14In committee: Held under submission.Latest
- May 6In committee: Set, first hearing. Referred to APPR. suspense file.Minor
- Apr 23From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 2.) (April 22). Re-referred to Com. on APPR.Minor
- Apr 22
- Vote recorded Do pass and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Apr 16Re-referred to Com. on L. & E. pursuant to Assembly Rule 96.Minor
- Apr 15Re-referred to Com. on REV. & TAX.Minor
- Apr 14From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.Major
- Apr 13In committee: Set, first hearing. Hearing canceled at the request of author.
- Mar 16Referred to Com. on REV. & TAX.Minor
- Feb 13From printer. May be heard in committee March 15.
- Feb 12Read first time. To print.Introduced