Fabio
94 lines
7.1 KiB
Markdown
94 lines
7.1 KiB
Markdown
---
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type: "Bill"
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title: "Trusts."
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description: "Existing law generally requires a trustee to allocate money received from an entity to income. However, existing law requires a trustee to allocate to principal money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capitol gain dividend for federal income taxes. Existing law also requires an allocation to principal of money received in total or partial liquidation of an entity. Existing law provides that money is to be treated as received in partial liquidation to the extent the amount received from the distributing entity is attributable to the proceeds from a sale by the distributing entity, or by the distributing entity's subsidiary or affiliate, of a capital asset, as defined."
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jurisdiction: "us/states/ca"
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legislature: "California Legislature"
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session: "20132014"
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identifier: "AB 296"
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citation: "California AB 296 (20132014)"
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classification: ["bill"]
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subjects: ["Trusts."]
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status: "enacted"
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primary_sponsors: ["Wagner"]
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version_count: 7
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action_count: 25
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vote_count: 7
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first_action: "2013-02-11"
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last_action: "2014-09-30"
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source: "openstates"
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source_identifier: "ocd-bill/d665132c-fc8c-47fe-8c33-19066e461476"
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source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201320140AB296"
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source_hash: "8bb4119620ce5e7f34ffa1f2444c26cff909e0727e12fd300f9d4ae07e42208f"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-ca"]
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---
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# California AB 296 (20132014) — Trusts.
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Existing law generally requires a trustee to allocate money received from an entity to income. However, existing law requires a trustee to allocate to principal money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capitol gain dividend for federal income taxes. Existing law also requires an allocation to principal of money received in total or partial liquidation of an entity. Existing law provides that money is to be treated as received in partial liquidation to the extent the amount received from the distributing entity is attributable to the proceeds from a sale by the distributing entity, or by the distributing entity's subsidiary or affiliate, of a capital asset, as defined.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **02/11/13 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201320140AB296&version=20130AB29699INT)
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2. **05/02/13 - Amended Assembly** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201320140AB296&version=20130AB29698AMD)
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3. **05/15/13 - Amended Assembly** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201320140AB296&version=20130AB29697AMD)
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4. **06/15/14 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201320140AB296&version=20130AB29696AMD)
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5. **09/30/14 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201320140AB296&version=20130AB29694CHP)
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6. **AB296** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201320140AB296)
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7. **08/20/14 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201320140AB296&version=20130AB29695ENR)
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## Votes
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- Do pass as amended and be re-referred to the Committee on Judiciary. — **7–1** (pass) · lower
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- AB 296 WAGNER Concurrence - Urgency Added — **78–0** (pass) · lower
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- amendments be concurred in. — **9–0** (pass) · lower
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- Do pass. — **7–0** (pass) · upper
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- Do pass as amended. — **10–0** (pass) · lower
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- AB 296 WAGNER Assembly Third Reading — **73–0** (pass) · lower
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- 3rd Reading AB296 Wagner By Walters Urgency Clause — **36–0** (pass) · upper
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## Sponsors
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- Wagner — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2013-02-11** Read first time. To print. `reading-1`
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- **2013-02-12** From printer. May be heard in committee March 14.
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- **2013-02-21** Referred to Coms. on JUD. and V.A. `referral-committee`
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- **2013-04-18** Re-referred to Coms. on V.A. and JUD. pursuant to Assembly Rule 96. `referral-committee`
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- **2013-05-01** From committee: Do pass as amended and re-refer to Com. on JUD. (Ayes 7. Noes 1.) (April 30). `committee-passage-favorable, committee-passage, amendment-passage`
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- **2013-05-02** Read second time and amended. `reading-2, reading-1, amendment-passage`
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- **2013-05-06** Re-referred to Com. on JUD. `referral-committee`
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- **2013-05-14** From committee: Do pass as amended. (Ayes 10. Noes 0.) (May 7). `committee-passage-favorable, committee-passage, amendment-passage`
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- **2013-05-15** Read second time and amended. Ordered to second reading. `reading-2, reading-1, amendment-passage`
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- **2013-05-16** Read second time. Ordered to third reading. `reading-2, reading-1`
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- **2013-05-20** Read third time. Passed. Ordered to the Senate. (Ayes 73. Noes 0. Page 1518.) `reading-3, reading-1, passage`
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- **2013-05-20** In Senate. Read first time. To Com. on RLS. for assignment. `reading-1`
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- **2013-05-29** Referred to Com. on JUD. `referral-committee`
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- **2013-07-03** In committee: Set, first hearing. Hearing canceled at the request of author.
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- **2014-06-15** From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD. `amendment-introduction, amendment-passage, reading-2, reading-1, referral-committee`
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- **2014-06-25** From committee: Do pass. (Ayes 7. Noes 0.) (June 24). `committee-passage-favorable, committee-passage`
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- **2014-06-26** Read second time. Ordered to third reading. `reading-2, reading-1`
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- **2014-06-30** Read third time. Urgency clause adopted. Passed. Ordered to the Assembly. (Ayes 36. Noes 0. Page 4195.). `reading-3, reading-1, passage`
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- **2014-06-30** In Assembly. Concurrence in Senate amendments pending. May be considered on or after July 2 pursuant to Assembly Rule 77.
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- **2014-07-03** Re-referred to Com. on JUD. pursuant to Assembly Rule 77.2. `referral-committee`
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- **2014-08-12** From committee: That the Senate amendments be concurred in. (Ayes 9. Noes 0.) (August 12). `committee-passage`
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- **2014-08-18** Urgency clause adopted. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 78. Noes 0. Page 6094.). `committee-passage-favorable, amendment-passage`
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- **2014-08-25** Enrolled and presented to the Governor at 11:30 a.m.
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- **2014-09-30** Approved by the Governor. `executive-signature`
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- **2014-09-30** Chaptered by Secretary of State - Chapter 867, Statutes of 2014.
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/d665132c-fc8c-47fe-8c33-19066e461476`. Confidence: reported (aggregated from official California legislature records).
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