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SB-388 Taxation: federal conformity: tax holiday.(2017-2018)

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Date Published: 02/14/2017 09:00 PM
SB388:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Senate Bill No. 388


Introduced by Senator Morrell

February 14, 2017


An act relating to taxation.


LEGISLATIVE COUNSEL'S DIGEST


SB 388, as introduced, Morrell. Taxation: federal conformity: tax holiday.
The Personal Income Tax Law and the Corporation Tax Law impose taxes upon taxable income, as specified, and allow various exclusions and deductions in conformity or modified conformity with federal income tax laws, in computing the income that is subject to the taxes imposed by those laws.
This bill would state the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from the moneys repatriated into the state during the same period.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 It is the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from moneys repatriated into the state during the same period.