Bill Text

Bill Information

PDF |Add To My Favorites |Track Bill | print page

AB-1266 State Enterprise Loan Fund.(2017-2018)

SHARE THIS:share this bill in Facebookshare this bill in Twitter
Date Published: 03/30/2017 09:00 PM
AB1266:v98#DOCUMENT

Amended  IN  Assembly  March 30, 2017

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill No. 1266


Introduced by Assembly Member Burke

February 17, 2017


An act to amend Section 23001 of the Revenue and Taxation Code, relating to taxation. An act to amend Section 32812 of the Financial Code, relating to economic development, and making an appropriation therefor.


LEGISLATIVE COUNSEL'S DIGEST


AB 1266, as amended, Burke. Corporation Tax Law. State Enterprise Loan Fund.
Existing law, the State Assistance Fund for Enterprise Act of 1989, requires the Controller to establish, maintain, and administer the State Enterprise Loan Fund, which is a continuously appropriated fund, as a separate account within the General Fund and creates the State Assistance Fund for Enterprise Business and Industrial Development Corporation as a nonprofit corporation to provide financing assistance to businesses in the state, as specified. Existing law requires the Controller to transfer into the fund from the General Fund and the Energy Resources Program Account all moneys required to meet the loan requests of the corporation, and prohibits the amount transferred from the General Fund from exceeding $1,500,000 and from the Energy Resources Programs Account from exceeding $1,000,000.
This bill would, instead, prohibit the amount transferred from the Energy Resources Programs Account from exceeding $5,000,000. By increasing the amount of money that could be transferred into a continuously appropriated fund, this bill would make an appropriation.

The Corporation Tax Law imposes taxes upon, or measured by, income. This law is known and may be cited as the Corporation Tax Law.

This bill would make a nonsubstantive change to that provision.

Vote: MAJORITY2/3   Appropriation: NOYES   Fiscal Committee: NOYES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 32812 of the Financial Code is amended to read:

32812.
 The Controller shall transfer into the fund from the General Fund and from the Energy Resources Program Account in the General Fund all moneys required to meet the loan requests of the corporation, subject to the following terms and conditions:
(a) The amount transferred to the fund from the General Fund shall not exceed one million five hundred thousand dollars ($1,500,000).
(b) The amount transferred to the fund from the Energy Resources Programs Account in the General Fund shall not exceed one five million dollars ($1,000,000) ($5,000,000) and the Controller shall not transfer any money from the account to the fund unless and until both of the following occur:
(1) The corporation certifies to the Controller that it has approved not less than a total of five million dollars ($5,000,000) in loans to eligible small businesses in this state.
(2) The corporation certifies to the Controller that it will use the additional money transferred to the fund only to make new loans to eligible small businesses in this state.

SECTION 1.Section 23001 of the Revenue and Taxation Code is amended to read:
23001.

This part shall be known and may be cited as the Corporation Tax Law.