California lawmakers want corporations to disclose ties to slavery despite uncertain future for reparations

While the future of reparations in California remains uncertain, state lawmakers are continuing to push forward with related legislation despite a lack of clear consensus on broad direct cash payouts.

Most recently, Assemblymember Isaac Bryan, D-Ladera Heights, introduced Assembly Bill 2599 , known as the Truth in Disclosure Act.

The bill would require major corporations doing business in California with annual worldwide gross receipts over $100 million to review their historical records and submit sworn affidavits disclosing any past ties to chattel slavery.

If signed into law, AB 2599 would mandate that the California Civil Rights Department establish a digital public platform by Jan.

3, 2028, to archive disclosures on corporate historical ties to slavery.

The measure focuses on sectors historically tied to the antebellum economy, including insurance, banking, tobacco, cotton, sugar, railroads and shipping.

CALIFORNIA COUNTY APPROVES REPARATIONS PLAN AS NEIGHBORING SCHOOL DISTRICT 'BLACK THRIVING' EFFORT STALLS "The Truth in Disclosure Act requires any company doing business in California with annual worldwide gross receipts of over $100 million to verify and search their records for any transactions related to wealth gained during chattel slavery and report that wealth to the state to be held in a digital archive," Bryan said.

The legislation was advanced by the Senate Appropriations Committee in August as part of the legislative "suspense file" clearing process, sending it to the full Senate floor.

If passed and signed by Gov.

Gavin Newsom, California would become the first state to require major private corporations to report under oath their historical or financial ties to chattel slavery.

AB 2599 is part of a broader push by the California Legislative Black Caucus following recommendations from the state’s historic Reparations Task Force.

Another measure introduced by Assemblymember Tina McKinnor, D-Inglewood, seeks to protect potential future reparations payments from state income taxes.

SAN FRANCISCO JUDGE NOT CONVINCED REPARATIONS FUND WILL BE DISCRIMINATORY DURING LAWSUIT HEARING McKinnor expressed optimism about the future of reparations in a statement to Fox News Digital when asked about whether she thinks Newsom would approve the measure.

"Governor Newsom has shown great leadership by creating a number of laws that benefit the descendants of formerly enslaved people.