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Daily Tax Report: State

California Assembly OKs Bill Aimed at Tax-Sheltered Funds

June 11, 2020, 12:59 AM

A bill to bring more scrutiny and possible regulation to tax-sheltered funds held by charitable arms of financial institutions and community foundations passed the California Assembly.

A.B. 2936, introduced by Assemblywoman Buffy Wicks (D), now moves to the Senate after passing the Assembly Wednesday on a vote of 43-19. Wicks and a coalition of nonprofit organizations want more information about money flowing into and out of donor-advised funds, which allow donors to take immediate tax deductions for their contributions regardless of when the money flows out to charities.

  • The bill would classify the funds as their...
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