What is the likelyhood that CA's AB1616 Food Cottage Law will be passed this Mar 27th, 2012??
What do you think what are the chances?

The likelihood is zero that it will be passed on March 27th, since that date is just a hearing in the health committee. If it passes the health committee (which will depend on what people say to support it at the hearing) then it will go for a full assembly vote, and if it passes that it will be sent to the governor to sign.

What is the timeline for whole process?.. Can't wait to start my business..

A high priority bill can take weeks, a medium priority bill can take months, and a low priority bill will likely be deferred to next year. AB1616 is probably somewhere between medium and low priority.

If you want to start your business my advice would be to look for commercial kitchen rental space. Startup costs are low and you can usually rent month to month, so if AB1616 passes you can transition to a home-based business.