There has been little discussion of the GIK valuation issue, especially regarding AB 1181, that I have noticed over recent weeks. Here are all the public comments I have seen. Let me know anything I missed.
Before getting to five articles, a quick minor comment on AB 1181. It was officially enrolled on 9/18/19. As of this morning (10/2/19) the exact status of the bill is that on 9/25/19 it was “Enrolled and presented to the Governor at 3:30 p.m.” according to the bill’s history.
I’m still playing catch-up on understanding the legislative process here in California. I now know that a bill must go through ‘engrossing and enrolling’ before going to the Governor for his consideration. Based on looking at some other bills, the next step after presentation to Governor is for him to sign. Then the bill is ‘chaptered’, or given an official location in the state statutes.
All that detail means the bill could not have been signed by the Governor before 9/25/19.
According to the Assembly’s legislative calendar, the governor has through 10/13/19 to either sign or veto bills.
Bloomberg Tax – 8/21/19 – Crackdown May Stop Charities From Inflating Cost of Donations
Article provides good background on the medical GIK issue. Gives good, brief background on the FTC case against four charities in 2015. Also summarizes the new FASB project.