SB 974: Property taxation: change in ownership: generational transfers: special needs trusts.

The bill aims to amend property tax law in California. It seeks to clarify the definition of "transfer" for purposes of determining the "full cash value" of property for taxation. The law currently excludes transfers between parents and children, as well as between grandparents and grandchildren of eligible transferors, from being considered a "purchase" or "change in ownership". However, this bill would revise the definition of "transfer" to specifically include inter vivos or testamentary trusts, including special needs trusts. This change would ensure that these trusts are properly accounted for in property tax calculations.