Joint Hearing Senate Revenue and Taxation Committee and Assembly Revenue and Taxation Committee, Wednesday, February 11, 2026

California State Senate & California State Assembly Revenue and Tax Committees · February 11, 2026

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Opening and introductions

Presentation

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Senator McNerney opened the joint informational hearing, thanked Assemblymember Mike Gibson and staff, and introduced committee membership changes on the Senate side; he said the hearing would assess how California taxes income of foreign subsidiaries of U.S. corporations.

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A joint informational hearing of the California State Senate and Assembly Revenue & Tax committees examined whether to limit or eliminate the "water's edge" election that lets some multinationals exclude foreign subsidiaries from California tax reporting, with experts and stakeholders debating revenue gains, administrative complexity, legal risk and potential economic effects.

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Transcript

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