Reparations activists celebrate 'important victory' after Newsom signs first-ever corporate slavery bill

California advocacy groups are celebrating a "big, important victory" in their push for state-level reparations after Gov. signed a first-in-the-nation bill requiring large corporations to investigate and disclose historical ties to chattel slavery.

Kristin Nimmers, policy and campaign manager for the California Black Power Network (CBPN) and the Alliance for Reparations, Reconciliation, and Truth, told Fox News Digital Newsoms signature on Assembly Bill 2599 — the Truth in Disclosure Act — marks a significant milestone for corporate accountability.

"There are connections right now from slavery to current wealth of individuals and current wealth of corporations whose foundation and who built the start of their companies off of slavery and off of benefits gained from slavery," Nimmers said.

CALIFORNIA LAWMAKERS WANT CORPORATIONS TO DISCLOSE TIES TO SLAVERY DESPITE UNCERTAIN FUTURE FOR REPARATIONS

Newsom signed AB 2599 into law Sept. 30, a move Nimmers called a "historic moment" that forces qualifying businesses operating in California to scour historical records and publicly disclose slavery-era transactions. 

was the first state in the nation to establish a formal task force to study the legacy of slavery and recommend potential restitution measures.

"The California Reparations Task Force spent years documenting the state's role in perpetuating racial harm and outlining this path toward repair," Nimmers said. "AB 2599 is really starting the work of identifying who really benefited from this racial harm and from slavery."

Authored by Assemblymember Isaac Bryan, D-Ladera Heights, the law applies to businesses with more than $100 million in annual worldwide gross receipts that existed — or had a predecessor entity in operation — on or before Dec. 31, 1964.

Once funded by the state legislature, covered companies will be required to submit sworn affidavits under penalty of perjury to the California Civil Rights Department.

These disclosures must detail any historical involvement in the purchase or sale of enslaved people, the use of enslaved human beings as loan collateral, slave-related insurance policies and other financial transactions. Covered entities have until Jan. 15, 2029, to submit their initial filings.

CASH PAYMENTS ARE NOT 'RULED OUT' AS CALIFORNIA COUNTY OFFICIALS PUSH REPARATIONS FOR BLACK LOCALS

The progressive governor's signing of AB 2599 comes despite his cautious stance on broader, high-cost reparations initiatives. 

Most recently, Newsom vetoed Assembly Bill 2186, which would have exempted future state reparations payments from California's personal income tax. The bill's author, Assemblymember Tina McKinnor, D-Inglewood, told Fox News Digital Friday that the veto was disappointing.

Newsom has also consistently resisted direct cash payments, which state task force recommendations estimated could cost millions per eligible recipient. He previously turned down a