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  • At the Capitol

    The University of California regents make their annual trek to Sacramento for a two-day board meeting, starting at 8:30 a.m. at the Sacramento Convention Center. It coincides with an advocacy day at the Capitol, where regents and students will lobby for greater funding for the UC system. On the agenda is the issue of community college transfers to UC campuses. As Gov. Jerry Brown has pushed the state’s universities to cut down on the time it takes students to earn degrees, UC has lagged on transfer initiatives.

    – Alexei Koseff

The Buzz: Compromise reached on Prop. 13 treatment of business property

Published: Tuesday, May. 13, 2014 - 9:46 pm

Assembly panel considers

Prop. 13 business change

Decades of political wrangling over how Proposition 13, the iconic property tax limit passed by voters in 1978, is applied to commercial property reached a climax of sorts Tuesday at the Capitol.

During a hearing of the Assembly Revenue and Taxation Committee, long-warring business groups and tax reformers agreed on a modest change of law governing the reassessment of commercial property when it changes hands. The committee passed the bill.

The compromise, written into Assembly Bill 2372, would trigger reassessment when at least 90 percent of a property’s ownership changes in any three-year period. It would not apply, however, to incremental changes of ownership through stock market trades.

The deal falls well short of a full “split roll,” which would completely remove Proposition 13’s limits from business property, long a goal of liberal groups.

A full split roll would have, it’s believed, a multibillion-dollar impact on state and local budgets, while the change that surfaced Tuesday would have much a smaller impact on both tax bills and government revenue.

– Dan Walters

Worth repeating

“My top priority is to keep my wife happy.”

GOV. JERRY BROWN, deflecting a reporter’s question about his top budget priority.

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