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AB-624 Income taxes: credit: robotics club donation.(2017-2018)

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Date Published: 02/14/2017 09:00 PM
AB624:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill No. 624


Introduced by Assembly Member Maienschein
(Coauthors: Assembly Members Cunningham, Lackey, Mathis, and Waldron Waldron, Acosta, Chávez, Chen, Patterson, and Voepel)
(Coauthor: Senator Anderson)

February 14, 2017


An act to add Sections 17053.45 and 23645 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.


LEGISLATIVE COUNSEL'S DIGEST


AB 624, as introduced, Maienschein. Income taxes: credit: robotics club donation.
The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws.
This bill, under both laws, would allow as a credit against those taxes an amount equal to 50% of the qualified amount paid or incurred, not to exceed $10,000, to a robotics club at a school in California during the taxable year.
This bill would take effect immediately as a tax levy.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

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


SECTION 1.

 Section 17053.45 is added to the Revenue and Taxation Code, to read:

17053.45.
 (a) For each taxable year beginning on or after January 1, 2018, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, an amount equal to 50 percent of the qualified amount paid or incurred, not to exceed ten thousand dollars ($10,000), to a robotics club during the taxable year.
(b) For purposes of this section:
(1) “Qualified amount” means the amount paid or incurred for robotics club competition entry fees and associated travel and amounts for the acquisition of materials and equipment.
(2) “Robotics club” means a club at a kindergarten or any of grades 1 to 12, inclusive, at a public, charter or private school in California.
(c) In the case where the credit allowed by this section exceeds the “net tax,” the excess may be carried over to reduce the “net tax” in the following taxable year, and succeeding years if necessary, until the credit is exhausted.
(d) A deduction shall not be allowed under Article 6 (commencing with Section 17201) of Chapter 3 of Part 10 for any contribution made pursuant to subdivision (a).

SEC. 2.

 Section 23645 is added to the Revenue and Taxation Code, to read:

23645.
 (a) For each taxable year beginning on or after January 1, 2018, there shall be allowed as a credit against the “tax,” as defined in Section 23036, an amount equal to 50 percent of the qualified amount paid or incurred, not to exceed ten thousand dollars ($10,000), to a robotics club during the taxable year.
(b) For purposes of this section:
(1) “Qualified amount” means the amount paid or incurred for robotics club competition entry fees and associated travel and amounts for the acquisition of materials and equipment.
(2) “Robotics club” means a club at a kindergarten or any of grades 1 to 12, inclusive, at a public, charter or private school in California.
(c) In the case where the credit allowed by this section exceeds the “tax,” the excess may be carried over to reduce the “tax” in the following taxable year, and succeeding years if necessary, until the credit is exhausted.
(d) A deduction shall not be allowed under Article 1 (commencing with Section 24341) of Chapter 7 of Part 11 for any contribution made pursuant to subdivision (a).

SEC. 3.

 It is the intent of the Legislature to comply with Section 41 of the Revenue and Taxation Code.

SEC. 4.

 This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
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REVISIONS:
Heading—Line 3.
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