ACA 9 would reinstate Propositions 58 and 193. SB 668 would give families more time to plan family transfers of property
A version of this article was first published on the Reinstate58.hjta.org
ACA 9 to Reinstate Propositions 58 and 193
Introduced by Assemblyman Kevin Kiley, Granite Bay
Assembly Constitutional Amendment 9 would REINSTATE Proposition 58 and Proposition 193, restoring what Proposition 19 took away: the constitutional exclusion from reassessment when certain property is transferred between parents and children or grandparents and grandchildren. When 58 and 193 are reinstated, families will once again be able to “keep the Prop. 13” when they transfer a home of any value and up to $1 million of assessed value of other property; the property tax bill will stay the same after the family transfer. This will save countless family businesses and homes that otherwise would have to be sold because of unaffordably high tax bills. The Howard Jarvis Taxpayers Association has made this a top priority. You can help by contacting your state representatives and urging them to support ACA 9 to reinstate Proposition 58 and Proposition 193. A two-thirds vote in each house would put this measure on the ballot for voter approval. Please call!
Senate Bill 668
Introduced by Sen. Patricia Bates, Laguna Niguel
Senate Bill 668 would give families more time to plan for their financial futures. Proposition 19, which narrowly passed in November 2020, removed from the state constitution most protections from reassessment when property is transferred between parents and children, or grandparents and grandchildren. It took effect February 16, 2021, giving Californians little time to consult with family members, attorneys or tax professionals to plan for these sudden, harsh changes to property tax liability for the next generation. SB 668 is a proposed law that would continue the protection against tax increases for intergenerational transfers of property until February 16, 2023. HJTA is sponsoring this legislation. SB 668 was heard in the Senate Governance and Finance Committee on May, 6, 2021. While no action was taken, committee chair Sen. Mike McGuire pledged to work with Sen. Bates to address the issues created by Proposition 19. You can help by calling Sen. McGuire at 916-651-4002 and urging him to act quickly to protect California families by giving them more time to plan for changes to property tax rules.
To read more, visit reinstate58.hjta.org