Today's Law As Amended


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SB-972 Corporation taxes: disclosure.(2019-2020)



As Amends the Law Today


SECTION 1.

 Section 19571.5 is added to the Revenue and Taxation Code, to read:

19571.5.
 (a) (1) Notwithstanding any other law, on or before April 1, 2021, and on or before each April 1 thereafter, the Franchise Tax Board shall compile a list of all taxpayers subject to tax under Part 11 (commencing with Section 23001), with gross receipts of five billion dollars ($5,000,000,000) or more, as measured by gross receipts, less returns and allowances, for the taxable year reported on a return in the previous calendar year. The list shall include the name and tax liability of each taxpayer, the taxable year for which the return is filed, the total gross receipts for that taxable year, and the amount and types of credits claimed for that taxable year.
(2) In the case of a taxpayer that is included in a combined report, the determination to include that taxpayer on a list shall be based on the gross receipts, less returns and allowances, of the combined reporting group.
(b) For purposes of this section:
(1) “Credits claimed” means the amount of credits allowed under Part 11 (commencing with Section 23001) that are applied on the return for the taxable year used to offset the tax liability.
(2) “Tax liability” means the amount of tax owed, in a taxable year, as a result of the taxes imposed under Part 11 (commencing with Section 23001), and excluding overpayments, estimated tax payments, withholdings, and any other amounts paid.
(3) “Gross receipts” shall have the same meaning as set forth in Section 25120.
(c) The Franchise Tax Board shall provide this information to the Assembly Committee on Revenue and Taxation and the Senate Committee on Governance and Finance by May 1, 2021, and each May 1 thereafter, in a list that includes all of the following:
(1) The taxpayer’s name listed on the tax return.
(2) The amount of tax liability of the taxpayer for the taxable year reported on a return in the previous calendar year.
(3) The total amount and types of credits claimed by the taxpayer for the taxable year reported on a return in the previous calendar year.