Today's Law As Amended


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AB-2008 Income taxes: exclusion: Carl Moyer Memorial Air Quality Standards Attainment Programs grants.(2017-2018)



As Amends the Law Today


SECTION 1.

 Section 17131.11 is added to the Revenue and Taxation Code, to read:

17131.11.
 (a) (1) Gross income shall not include any amount provided to a taxpayer pursuant to the Carl Moyer Memorial Air Quality Standards Attainment Program (Chapter 9 (commencing with Section 44275) of Part 5 of Division 26 of the Health and Safety Code).
(2) (A) The issuing air district shall provide to the taxpayer a certification of the monetary amount issued pursuant to the Carl Moyer Memorial Air Quality Standards Attainment Program.
(B) Upon request of the Franchise Tax Board, a taxpayer shall provide to the Franchise Tax Board a copy of the certification.
(3) The issuing air district shall provide the Franchise Tax Board annually, on or before January 1, 2020, and each January 1 thereafter, a data file containing the following information relating to the Carl Moyer Memorial Air Quality Standards Attainment Program:
(A) The names and addresses of recipients.
(B) The social security number, federal tax identification number, or federal employer identification number of recipients.
(C) Dollar amounts of payments made pursuant to the Carl Moyer Memorial Air Quality Standards Attainment Program in the preceding taxable year.
(b) Any deduction otherwise allowed under this part for any amount paid or incurred by the taxpayer for which the grant from the Carl Moyer Memorial Air Quality Standards Attainment Program is based shall be reduced by the amount of any grant excluded from gross income under this section.
(c) The amount of any grant received that is excludable from gross income under this section shall be taken into account in determining the basis of the property to which the grant relates and shall reduce the basis by the amount of the grant excluded from gross income under this section.
(d) This section shall remain in effect only until January 1, 2024, and as of that date is repealed.

SEC. 2.

 Section 24311 is added to the Revenue and Taxation Code, to read:

24311.
 (a) (1) Gross income shall not include any amount provided to a taxpayer pursuant to the Carl Moyer Memorial Air Quality Standards Attainment Program (Chapter 9 (commencing with Section 44275) of Part 5 of Division 26 of the Health and Safety Code).
(2) (A) The issuing air district shall provide to the taxpayer a certification of the monetary amount issued pursuant to the Carl Moyer Memorial Air Quality Standards Attainment Program.
(B) Upon request of the Franchise Tax Board, a taxpayer shall provide to the Franchise Tax Board a copy of the certification.
(3) The issuing air district shall provide the Franchise Tax Board annually, on or before January 1, 2020, and each January 1 thereafter, a data file containing the following information relating to the Carl Moyer Memorial Air Quality Standards Attainment Program:
(A) The names and addresses of recipients.
(B) The social security number, federal tax identification number, or federal employer identification number of recipients.
(C) Dollar amounts of payments made pursuant to the Carl Moyer Memorial Air Quality Standards Attainment Program in the preceding taxable year.
(b) Any deduction otherwise allowed under this part for any amount paid or incurred by the taxpayer for which the grant from the Carl Moyer Memorial Air Quality Standards Attainment Program is based shall be reduced by the amount of any grant excluded from gross income under this section.
(c) The amount of any grant received that is excludable from gross income under this section shall be taken into account in determining the basis of the property to which the grant relates and shall reduce the basis by the amount of the grant excluded from gross income under this section.
(d) This section shall remain in effect only until January 1, 2024, and as of that date is repealed.
SEC. 3.
 If the Commission on State Mandates determines that this act contains costs mandated by the state, reimbursement to local agencies and school districts for those costs shall be made pursuant to Part 7 (commencing with Section 17500) of Division 4 of Title 2 of the Government 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.