There will be no Friday Review today, however, John Gamper reports that the Senate convenes at 4 pm and the Assembly convenes at 5 pm to adopt the following bills so the governor can sign the budget and the trailer bills over the weekend:

• New SCA to replace SCA 13 (which has already been sent to the SOS) – to add the first requirement from the Governor’s letter on Monday to restrict accessing the rainy day fund by imposing a 2/3 majority vote to allocate those funds
• New special session majority vote tax bill – it will:

          (1) eliminate the tax amnesty program contained in AB 1452 
          (2) eliminate the 10% additional withholding rules contained in AB 36xxx
          (3) double the 10% penalty to 20% for corporations that underreport income or overstate deductions by $1 million or more (substituting the third item for the second item generates the same amount of revenue according to the FTB)

• Lower the amount of the budget reserve from $1.2 billion to $800 million (this reflects the loss of the amnesty program revenues in item one above.)
• No other legislation will be taken up that failed passage Tuesday morning.