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November 2019

A monthly update on key legislation for Treasurer Ma

Treasurer Fiona Ma and her legislative team this year actively engaged on over 70 bills. She sponsored 21, supported another 27, and provided technical assistance on 25.

Most of the bills advanced to Governor Gavin Newsom’s desk and were signed into law. They addressed critically important issues dealing with, among other things, affordable housing, economic development, aging and long-term care, advanced manufacturing/recycling, and the cannabis industry.

The Legislature, currently on recess, reconvenes on January 6, 2020. The Treasurer and her team look forward to building on the successes of 2019 and continuing a productive collaboration with the Legislature and Governor Newsom in 2020.

California Recycling Market Development Act

Assembly Bill 1583, Susan Talamantes Eggman (D-Stockton) https://a13.asmdc.org/

Establishes the California Recycling Market Development Act. This bill extends the sunset for the Recycling Market Development Zone Program and the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) advanced manufacturing program by five years to 2026. (Signed into law.)

Universal Assessment / No Wrong Door

Assembly Bill 1287, Adrin Nazarian (D-North Hollywood) https://a46.asmdc.org/

PCreates within the state’s Master Plan for Aging, a more efficient, streamlined one-stop shopping for vital health services for older adults and disabled Californians who currently have trouble navigating California’s fragmented system. (Signed into law.)

Online Retailers Sales Tax: Expansion to Marketplace Facilitators

Assembly Bill 147, Autumn Burke (D-Marina del Rey) https://a62.asmdc.org/

Extends sales tax to online marketplace facilitators/retailers and requires them to collect and remit state and local sales taxes on behalf of third-party sellers. (Signed into law.)

Tax Deductions on Ordinary Business Expenses for Cannabis Businesses

Assembly Bill 37, Reginald Byron Jones-Sawyer Sr. (D-Los Angeles) https://a59.asmdc.org/

Allows cannabis businesses to receive the same state income tax deductions as regular businesses on ordinary business expenses for each taxable year beginning on and after January 1, 2020. (Signed into law.)

Financial Institutions for Cannabis

Senate Bill 51, Robert M. Hertzberg (D-Van Nuys) https://sd18.senate.ca.gov/

Creates a limited-purpose state charter for privately funded banks to service licensed cannabis businesses with the goal of providing alternative banking opportunities for the cash-only cannabis industry. (Continued to next session.)

Name Translation on Ballot Materials

Assembly Bill 57, Evan Low (D-Silicon Valley) https://a28.asmdc.org/

Standardizes the way names are translated into character-based languages on the California ballot. (Signed into law.)