As of today, legislators have not moved this proposal, and it appears to be stalled as a result of the overwhelming opposition.
The proposal provided that all business owners – including rental property owners and management companies - must hold three-percent of all payments owed to independent contractors and send those dollars to the Franchise Tax Board as an advance payment for the contractor’s taxes.
Similar proposals had been vetoed by the Governor in the past who stated, “It punishes Californians by raising revenue without providing permanent and ongoing cuts, does not create jobs or stimulate our economy, (and) does not allow government to run more efficiently in California.”
In addition, the fact that property managers must report anyone to the IRS on a 1099 who is paid over $600 means that the information is available to the Franchise Tax Board already.
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Property Management Rentals and Maintenance in Sacramento, Yolo, Placer, and El Dorado Counties from offices located in Sacramento, Roseville, and Orangevale, CA We manage residential and commercial.
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