republic-os/legislation/us/states/ca/20172018/ab-307.md

---
type: "Bill"
title: "Allocation of principal or income."
description: "The Uniform Principal and Income Act, among other things, generally directs a trustee how to allocate money to beneficiaries of an estate or trust as either principal or income. The act requires that money received from certain types of business entities be allocated to income, but provides that money received in total or partial liquidation of one of these entities be allocated to principal. Money is received in partial liquidation to the extent the amount is attributable to the proceeds from the sale of a capital asset. The act defines the term \"capital asset\" based on the definition of the term in the Internal Revenue Code."
jurisdiction: "us/states/ca"
legislature: "California Legislature"
session: "20172018"
identifier: "AB 307"
citation: "California AB 307 (20172018)"
classification: ["bill"]
subjects: ["Allocation of principal or income."]
status: "enacted"
primary_sponsors: ["Maienschein"]
version_count: 7
action_count: 24
vote_count: 3
first_action: "2017-02-06"
last_action: "2017-10-08"
source: "openstates"
source_identifier: "ocd-bill/8214d5ac-5a2a-4caf-a4b4-2a240d1e9d83"
source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201720180AB307"
source_hash: "29b9163772264df85d36a201c9dc1aec6920181888ac0ffc7699bf98becc97fd"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-ca"]
---

# California AB 307 (20172018) — Allocation of principal or income.

The Uniform Principal and Income Act, among other things, generally directs a trustee how to allocate money to beneficiaries of an estate or trust as either principal or income. The act requires that money received from certain types of business entities be allocated to income, but provides that money received in total or partial liquidation of one of these entities be allocated to principal. Money is received in partial liquidation to the extent the amount is attributable to the proceeds from the sale of a capital asset. The act defines the term "capital asset" based on the definition of the term in the Internal Revenue Code.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **02/06/17 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201720180AB307&version=20170AB30799INT)
2. **06/19/17 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201720180AB307&version=20170AB30798AMD)
3. **07/10/17 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201720180AB307&version=20170AB30797AMD)
4. **08/24/17 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201720180AB307&version=20170AB30796AMD)
5. **10/08/17 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201720180AB307&version=20170AB30794CHP)
6. **AB307** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201720180AB307)
7. **09/08/17 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201720180AB307&version=20170AB30795ENR)

## Votes

- 3rd Reading AB307 Maienschein By Hill — **40–0** (pass) · upper
- Do pass and be ordered to the Consent Calendar — **7–0** (pass) · upper
- AB 307 MAIENSCHEIN Concurrence in Senate Amendments — **79–0** (pass) · lower

## Sponsors

- Maienschein — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2017-02-06** Read first time. To print. `reading-1`
- **2017-02-07** From printer. May be heard in committee March 9.
- **2017-02-13** Referred to Com. on JUD. `referral-committee`
- **2017-03-14** From committee: Do pass. To Consent Calendar. (Ayes 11. Noes 0.) (March 14). `committee-passage-favorable, committee-passage`
- **2017-03-15** Read second time. Ordered to Consent Calendar. `reading-2, reading-1`
- **2017-03-20** Read third time. Passed. Ordered to the Senate. (Ayes 76. Noes 0. Page 647.) `reading-3, passage, reading-1`
- **2017-03-20** In Senate. Read first time. To Com. on RLS. for assignment. `reading-1`
- **2017-05-10** Referred to Com. on JUD. `referral-committee`
- **2017-05-31** In committee: Set, first hearing. Hearing canceled at the request of author.
- **2017-06-12** In committee: Set, second hearing. Hearing canceled at the request of author.
- **2017-06-19** 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-passage, referral-committee, reading-2, reading-1, amendment-introduction`
- **2017-07-10** 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-passage, referral-committee, reading-2, reading-1, amendment-introduction`
- **2017-07-19** From committee: Do pass. To Consent Calendar. (Ayes 7. Noes 0.) (July 18). `committee-passage-favorable, committee-passage`
- **2017-07-20** Read second time. Ordered to Consent Calendar. `reading-2, reading-1`
- **2017-08-21** From Consent Calendar.
- **2017-08-21** Ordered to third reading.
- **2017-08-24** Read third time and amended. Ordered to second reading. `amendment-passage, reading-3, reading-1`
- **2017-08-28** Read second time. Ordered to third reading. `reading-2, reading-1`
- **2017-09-05** Read third time. Passed. Ordered to the Assembly. (Ayes 40. Noes 0. Page 2457.). `reading-3, passage, reading-1`
- **2017-09-05** In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 7 pursuant to Assembly Rule 77.
- **2017-09-07** Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0. Page 3015.). `committee-passage-favorable, amendment-passage`
- **2017-09-13** Enrolled and presented to the Governor at 4 p.m.
- **2017-10-08** Approved by the Governor. `executive-signature`
- **2017-10-08** Chaptered by Secretary of State - Chapter 577, Statutes of 2017.

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/8214d5ac-5a2a-4caf-a4b4-2a240d1e9d83`. Confidence: reported (aggregated from official California legislature records).