California bill would force big firms to reveal historic ties to slavery

Lawmakers in California have moved forward with a bill that would require large corporations operating in the state to disclose any historical connections to chattel slavery.

State legislators are advancing reparations-related initiatives despite lingering doubts about direct cash payments. Isaac Bryan’s Assembly Bill 2599, known as the Truth in Disclosure Act, would compel any corporation doing business in California with annual worldwide gross receipts exceeding $100 million to scrutinize historic records and submit sworn affidavits detailing any wealth derived from chattel slavery; the California Civil Rights Department must establish a public digital repository for these disclosures by Jan. 3 2028.

The bill advanced through the Senate Appropriations Committee and is now headed to the Senate floor, positioning California to become the first state to require such oath-bound corporate reporting. The effort aligns with recommendations from the state’s historic Reparations Task Force and is part of a broader push by the California Legislative Black Caucus. A companion measure, AB 2186, introduced by Tina McKinnor, aims to exempt prospective reparations payouts from state income tax, and she expressed confidence that Governor Gavin Newsom will sign it.

Governor Newsom has previously vetoed standalone cash-reparations bills over legal and fiscal concerns, while federal policy under the prior administration opposed government-funded reparations. Civil-rights lawyer Lisa Holder, a former task-force member, emphasized that addressing four centuries of inequality will require an extensive body of legislation.