Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

California Bill Targeting Billions Held In Charity Funds Is On Hold

Jan. 23, 2020, 7:41 PM

A California lawmaker is delaying action on her proposal to scrutinize billions of dollars flowing in and out of tax-sheltered charitable funds so she can work to soften opposition from financial firms and community foundations that oversee the funds.

Assemblywoman Buffy Wicks (D) said on Thursday that she would introduce a new version of her bill in February after dropping the current bill, A.B. 1712, from consideration. The current bill needed approval from the Assembly by Jan. 31 to stay alive.

  • Wicks said the new version will strengthen the proposal and address concerns from opponents about donor ...