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SB-1395 Personal Income Tax Law: Corporation Tax Law: credits. (2017-2018)

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Date Published: 05/02/2018 09:00 PM
SB1395:v97#DOCUMENT

Amended  IN  Senate  May 02, 2018
Amended  IN  Senate  March 22, 2018

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Senate Bill No. 1395


Introduced by Senator Moorlach

February 16, 2018


An act to add Section 43 19534 to the Revenue and Taxation Code, relating to taxation.


LEGISLATIVE COUNSEL'S DIGEST


SB 1395, as amended, Moorlach. Personal Income Tax Law: Corporation Tax Law: credits.
The Personal Income Tax Law and the Corporation Tax Law impose taxes on, or measured by, income and allow various credits against the taxes imposed by those laws. Existing law requires the Franchise Tax Board to make available as a matter of public record each calendar year a list of the 500 largest tax delinquencies in excess of $100,000, and requires the list to include specified information with respect to each delinquency.
This bill would require the board to publish on its Internet Web site a document listing every taxpayer that has been allowed a credit in an amount of $1,000 or more under the Personal Income Tax Law or the Corporation Tax Law organized by tax credit, as specified. The bill would require the list to include certain information, including the dollar amount of tax credit and the taxable year for which it was allowed, and would require the board to update the list within 30 days of a taxpayer being allowed a credit under the Personal Income Tax Law or the Corporation Tax Law. Franchise Tax Board to provide a report to the Legislature, as provided, that includes the total amount of credits, as defined, allowed under the Personal Income Tax Law and the Corporation Tax Law for the previous taxable year.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

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


SECTION 1.

 Section 19534 is added to the Revenue and Taxation Code, to read:

19534.
 (a) The Franchise Tax Board shall provide a report to the Legislature by November 1, 2019, and by November 1 each year thereafter, that includes the total amount of credits allowed under Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001) of Division 2 for the previous taxable year.
(b) The total amount of credits shall be aggregated by lines of business described in codes of the North American Industry Classification System published by the United States Office of Management and Budget, 2012 edition.
(c) For purposes of this section, “credits” means all of the following:
(1) The credit allowed by Sections 17052.12 and 23609 (relating to research and development).
(2) The credit allowed by Sections 17053.85, 17053.95, 23685, and 23695 (relating to qualified motion pictures).
(3) The credit allowed by Sections 17058 and 23610.5 (relating to low-income housing).
(4) The credit allowed by Sections 17059.2 and 23689 (relating to GO-Biz California Competes Credit).
(5) The credit allowed by Sections 23636 and 23689 (relating to qualified wages for qualified employees).
(d) The report required pursuant to this section shall be submitted in compliance with Section 9795 of the Government Code.

SECTION 1.Section 43 is added to the Revenue and Taxation Code, to read:
43.

(a)Notwithstanding any other law, including Section 6254.21 of the Government Code, the Franchise Tax Board shall publish and maintain on its Internet Web site a document listing every taxpayer that has been allowed a tax credit in an amount of one thousand dollars ($1,000) or more for any of the five preceding taxable years under Part 10 (commencing with Section 17001) or Part 11 (commencing with Section 23001) of Division 2.

(b)The document in subdivision (a) shall include all of the following information:

(1)A separate section for each tax credit under Part 10 (commencing with Section 17001) or Part 11 (commencing with Section 23001) of Division 2.

(2)For each tax credit section, the name of every taxpayer that has been allowed the credit, the taxable year for which the tax credit was allowed, and the dollar amount of credit allowed to the taxpayer listed.

(3)If a tax credit has been assigned or transferred, the person to whom the tax credit was assigned or transferred.

(c)The Franchise Tax Board shall update the list in subdivision (a) within 30 days of a taxpayer being allowed a credit under Part 10 (commencing with Section 17001) or Part 11 (commencing with Section 23001) of Division 2.