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Committee moves repeal of 'water's edge' corporate tax election to appropriations after heated testimony
Summary
AB 17 90 would eliminate California's water's-edge corporate tax election and restore worldwide combined reporting; supporters say it could raise $3–$4 billion annually for schools and services, while business groups and several consulates warned of double taxation, compliance burdens and potential retaliation; the committee forwarded the bill to appropriations with technical amendments (recorded 4–2).
The committee debated AB 17 90 at length after the author described it as an effort to end the water's-edge tax election and return California to a worldwide combined reporting framework for multinational corporations.
Author (speaker 22) said the provision costs California taxpayers "roughly 3 to $4,000,000,000 annually" and framed the bill as a way to…
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