Sales and use taxes: exclusion: pawnbrokers: transfer of vested property.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill extends an existing sales and use tax exclusion for pawnbrokers in California. Currently, the transfer of ‘vested property’ (property pledged as collateral for a loan) by a pawnbroker is exempt from sales tax. This bill extends this exemption until January 1, 2032, and includes requirements for documenting the transfer to ensure it qualifies for the exclusion. The bill also clarifies that the state will not reimburse local agencies for any revenue lost due to this tax exclusion.
Key provisions
- Extends the sales tax exclusion for pawnbroker transfers of vested property until January 1, 2032.
- Specifies requirements for the transfer to qualify for the exclusion, including timing and consideration paid.
- Requires proof of original sales tax payment by the borrower.
- Includes performance indicators and data collection requirements to assess the effectiveness of the exclusion.
- States that the state will not reimburse local agencies for lost sales tax revenue.
Who is affected
- Pawnbrokers
- Borrowers who redeem property from pawnbrokers
- California residents
- Local government agencies (due to potential revenue loss)
- The California Department of Tax and Fee Administration
Notable changes
- Extends a previously enacted sales tax exclusion.
Bill text
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Sponsors
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1 on record
Primary sponsor
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