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Newsom Vetoes AB 2186 Reparations Tax Exemption

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Story summary
  • Governor Gavin Newsom vetoed Assemblymember Tina McKinnor's AB 2186 reparations tax-exemption bill.
  • He said the bill's unknown fiscal impact could strain the General Fund.
  • AB 2186 would have exempted reparations from personal income tax Jan 1 2028-Jan 1 2033.
  • Assemblymember Isaac Bryan authored AB 2599 requiring firms with $100 million revenue and pre-1965 origins to disclose slavery-era transactions.
  • McKinnor pledged to reintroduce the bill in 2027, saying reparations compensate generations of injustice.