Today's Law As Amended


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SB-1415 Income taxes: credits: backup electricity generators.(2019-2020)



As Amends the Law Today


SECTION 1.

 Section 17053.49 is added to the Revenue and Taxation Code, to read:

17053.49.
 (a) (1) For each taxable year beginning on or after January 1, 2021, and before January 1, 2026, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, an amount equal to the amount specified in paragraph (2) for a qualified expenditure paid or incurred by the qualified taxpayer during the taxable year.
(2) The amount of the credit allowed pursuant to this section for the taxable year shall be equal to 50 percent of the amount paid or incurred by a qualified taxpayer during the taxable year for a qualified expenditure, not to exceed three thousand five hundred dollars ($3,500) per taxable year.
(b) For purposes of this section:
(1) “Designated wildfire zone” means a very high fire hazard severity zone, as determined by the Department of Forestry and Fire Protection pursuant to Section 51178 of the Government Code, or within a high or very high fire hazard severity zone as indicated on maps adopted by the Department of Forestry and Fire Protection pursuant to Section 4202 of the Public Resources Code.
(2) “Qualified taxpayer” means a natural person or a small business that incurs a qualified expenditure.
(3) “Qualified expenditure” means the purchase of a back-up electricity generator that does not exceed seven thousand dollars ($7,000) for use in a residence or commercial property in a designated wildfire zone.
(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(d) This section shall remain in effect only until December 1, 2026, and as of that date is repealed.
SEC. 2.
 (a) For the purposes of complying with Section 41 of the Revenue and Taxation Code, the Legislature finds and declares the following:
(1) The goal, purpose, or objective of Section 17053.49 of the Revenue and Taxation Code, as added by this act, hereafter “the credit,” is to encourage the purchase of backup electricity generators that are necessary to protect the health and safety of residents and businesses in designated wildfire zones.
(2) The performance indicator for the Legislature to use when measuring whether the credit meets the goal, purpose, or objective specified in paragraph (1) is how many taxpayers are allowed the credits.
(b) Notwithstanding Section 19542 of the Revenue and Taxation Code, the Franchise Tax Board shall annually publish anonymized data on the credit through calendar year 2026.
SEC. 3.
  This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.