California lawmakers are advancing legislation that would compel major corporations to disclose any historical ties to chattel slavery, even as the broader future of reparations in the state remains uncertain. Assembly Bill 2599, known as the Truth in Disclosure Act, introduced by Assemblymember Isaac Bryan, D-Ladera Heights, would require corporations with annual worldwide gross receipts exceeding $100 million to submit sworn affidavits detailing past connections to slavery.
If enacted, the bill mandates the California Civil Rights Department to establish a digital public platform by January 3, 2028, for archiving these disclosures. The legislation specifically targets sectors historically linked to the antebellum economy, including insurance, banking, tobacco, cotton, sugar, railroads, and shipping.
The bill recently passed the Senate Appropriations Committee and is headed to the full Senate floor. Should it be signed into law by Governor Gavin Newsom, California would be the first state to require private corporations to report their historical or financial links to chattel slavery under oath. This measure is part of a larger effort by the California Legislative Black Caucus, informed by the state's Reparations Task Force.
Another bill, introduced by Assemblymember Tina McKinnor, D-Inglewood, aims to shield potential future reparations payments from state income taxes. McKinnor expressed optimism about Governor Newsom signing this measure, citing his past support for legislation benefiting descendants of enslaved people.
Despite these legislative pushes, direct cash reparations face significant political and budgetary obstacles in California. Governor Newsom has previously voiced reservations about direct payments, vetoing earlier proposals due to legal and fiscal concerns. Furthermore, federal policies have historically opposed government-funded racial reparations programs.
Civil rights attorney Lisa Holder, a former member of the California Reparations Task Force, emphasized that addressing centuries of inequality requires systemic change beyond a single legislative act. "You can’t legislate yourself out of 400 years of inequality and injustice," Holder stated. "You have to do an entire body of laws to change the systems that have been disparately affecting Black folks for decades."