AB 2262, as introduced, Frazier. Private railroad car tax.
The California Constitution authorizes the Legislature to classify personal property for differential taxation or for exemption by means of a statute approved by a 2⁄3 vote of the membership of each house. Under the Private Railroad Car Tax Law, the State Board of Equalization assesses and taxes private railroad cars operated upon railroads in this state by class based on the owner’s acquisition cost, less depreciation, as provided. In making an assessment, the board is required to determine the average number of each class of private railroad cars physically present in the state in the calendar year immediately preceding the fiscal year in which the tax is imposed upon the basis of car days.
This bill would make a technical change to those provisions.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 11293 of the Revenue and Taxation Code
2 is amended to read:
In making an assessment, the board shall determine the
4average number of each class of private railroad cars physically
P2 1present inbegin delete theend deletebegin insert thisend insert state in the calendar year immediately preceding
2the fiscal year in which the tax is imposed upon the basis of car
3days. The board shall multiply the average number so determined
4by the value of a car of that class as determined under Section
511292 and use the product for the assessment of the cars.
O
99