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FSI Successfully Opposes CA Effort to Impose Service Tax on Estate Planning

Financial Services Institute / FSI Successfully Opposes CA Effort to Impose Service Tax on Estate Planning

FSI Successfully Opposes CA Effort to Impose Service Tax on Estate Planning

April 10, 2012

On March 19, FSI submitted a letter to the Honorable Henry Perea, Chair of the California Assembly’s Revenue and Taxation Committee, opposing AB 2540. If adopted, the bill would have imposed a service tax on “high net worth estate planning,” a term which is undefined. In the letter, FSI urged the California Assembly to promote the services of financial advisors who help investors responsibly plan for the financial future of their families rather than imposing additional barriers. We are pleased to announce that today the California Assembly struck the tax on estate planning from the bill as a result of FSI’s advocacy efforts. Read our letter.