Forgot Password? | Print Page | Sign In | Create User Profile
News & Press: Sacramento Report

Bill to Mandate Tax Withholding for 1031 Exchanges Fails Passage

Tuesday, May 15, 2018  
Share |

Assembly Bill 2529 (Chu), which would have removed the withholding exemption for a 1031 exchange if the replacement property was located outside of California, failed to pass through its first policy Committee prior to a key legislative deadline. The bill faced opposition from a number of groups including CLTA, who argued that current reporting and tracking provisions provided under existing law are already satisfactory for the author’s intended goals, leaving this measure as an unnecessary impediment to tax-deferred exchanges involving the disposition of California property.

Other members of the coalition opposed to the measure included the California Escrow Association, California Building Industry Association, California Business Properties Association, and the California Association of Realtors.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851