Today's Law As Amended


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



As Amends the Law Today


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.