Today's Law As Amended


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SB-603 Cannabis license deferral and waiver fee program: tax credit.(2021-2022)



As Amends the Law Today


SECTION 1.

 Section 26249 of the Business and Professions Code is amended to read:

26249.
 (a) Notwithstanding Sections 26012 and 26180, on or before January 1, 2021, the department  a licensing authority  shall develop and implement a program to provide a deferral or waiver for an application fee, a licensing fee, or renewal fee otherwise required by this division for a needs-based applicant or needs-based licensee.
(b) (1) At least 60 percent of the total dollar amount of deferrals of fees pursuant to the program developed and implemented by the department  a licensing authority  pursuant to subdivision (a) shall be allocated to the deferral of fees for local equity applicants and licensees.
(2) At least 60 percent of the total dollar amount of waivers of fees pursuant to the program developed and implemented by the department  a licensing authority  pursuant to subdivision (a) shall be allocated to the waiver of fees for local equity applicants and licensees.
(c)  The department A licensing authority  may adopt emergency regulations to implement this section. The adoption, amendment, repeal, or readoption of a regulation authorized by this section is deemed to address an emergency, for purposes of Sections 11346.1 and 11349.6 of the Government Code, and the department is  licensing authorities are  hereby exempted from the requirements of subdivision (b) of Section 11346.1 of the Government Code.
(d) The operation of this section is contingent upon an appropriation in the annual Budget Act or another statute for purposes of this section.  

SEC. 2.

 Section 17053.71 is added to the Revenue and Taxation Code, to read:

17053.71.
 (a) For each taxable year beginning on or after January 1, 2021, and before January 1, 2026, there shall be allowed against the “net tax,” as defined by Section 17039, a cannabis equity business tax credit equal to the amount of state and local cannabis licensing fees paid or incurred by a qualified taxpayer that are not otherwise reimbursed by a grant or other funds.
(b) For purposes of this section, “qualified taxpayer” means either a local equity applicant or local equity licensee as defined in Section 26240 of the Business and Professions Code.
(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 six taxable years if necessary, until the credit is exhausted.

SEC. 3.

 Section 23687.5 is added to the Revenue and Taxation Code, to read:

23687.5.
 (a) For each taxable year beginning on or after January 1, 2021, and before January 1, 2026, there shall be allowed against the “tax,” as defined by Section 23036, a cannabis equity business tax credit equal to the amount of state and local cannabis licensing fees paid or incurred by a qualified taxpayer that are not otherwise reimbursed by a grant or other funds.
(b) For purposes of this section, “qualified taxpayer” means either a local equity applicant or local equity licensee as defined in Section 26240 of the Business and Professions Code.
(c) In the case where the credit allowed by this section exceeds the “tax,” the excess may be carried over to reduce the “tax” in the following taxable year, and succeeding six taxable years if necessary, until the credit is exhausted.
SEC. 4.
 It is the intent of the Legislature to comply with Section 41 of the Revenue and Taxation Code.
SEC. 5.
 The Legislature finds and declares that this act furthers the purposes and intent of the Control, Regulate and Tax Adult Use of Marijuana Act.