Assembly Bill 1586 (Wright), as enacted on August 18, 1997, made the following changes to California law:
SUBJECT: Repeal FTB Tax Return Information Disclosure To Trade And Commerce Secretary
Section 19559 of the Revenue and Taxation Code is repealed.
This act repeals the FTB’s authorization to disclose the following information to the Secretary of Trade and Commerce:
- the names and addresses or other identification or location information from income or franchise tax returns or other records retained by the Franchise Tax Board (FTB) to establish and maintain an accurate list of businesses to be assessed; and
- sufficient financial data from income and franchise tax returns to verify the base for the assessment.
The section repealed by this act specified that information provided by the FTB was prohibited from being used for any other purpose and that the FTB from time to time was allowed to review the use of this information. The FTB was to report its findings to the Secretary of Trade and Commerce.
This act does not require any reports by the department to the Legislature.