FOR IMMEDIATE RELEASE: January 11, 2016
CONTACT: Jacqui Nguyen (Fuller) @ 916.651.4016; Kendra Kruckenberg (Runner) @ 916.651.4021
Legislation to Allow Tax Agency to Honor Divorce Agreements Passes Assembly Committee
SACRAMENTO – Legislation authored by Senator Sharon Runner (R-Antelope Valley) and Senate Republican Leader Jean Fuller (R-Bakersfield) to allow California’s tax agency to honor divorce agreements passed the Assembly Revenue and Taxation Committee today. Senate Bill 526, sponsored by Board of Equalization Members George Runner and Fiona Ma, gives the Franchise Tax Board (FTB) broader authority to consider a legal divorce agreement when determining if one spouse can be relieved of a joint tax liability.
“SB 526 will provide the Franchise Tax Board with a greater ability to consider a divorce agreement when making a tax liability ruling,” said Fuller. “This may reduce the need for additional expenses and duplicative paperwork, helping reduce costs and stress in an already difficult and expensive process.” Continue reading