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SB-377 Income taxes: insurance taxes: credits: low-income housing: sale of credit.(2015-2016)

Senate
Assembly
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Veto
Senate
Assembly
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Cmt
2nd
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2nd
3rd
Pass
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Cmt
2nd
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Veto

Bill Status
SB-377
Beall (S)
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Income taxes: insurance taxes: credits: low-income housing: sale of credit.
03/27/15
An act to add Sections 12206.1, 17058.1, and 23610.7 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
Senate
09/16/15
09/11/15

Type of Measure
Active Bill - In Floor Process
Majority Vote Required
Non-Appropriation
Fiscal Committee
Non-State-Mandated Local Program
Urgency
Tax levy
Last 5 History Actions
Date Action
04/25/16 Last day to consider Governors veto pursuant to Joint Rule 58.5.
10/10/15 In Senate. Consideration of Governor's veto pending.
10/10/15 Vetoed by the Governor.
09/17/15 Enrolled and presented to the Governor at 4:45 p.m.
09/11/15 Assembly amendments concurred in. (Ayes 38. Noes 0. Page 2775.) Ordered to engrossing and enrolling.
Governor's Message
To the Members of the California State Senate:

I am returning the following nine bills without my signature:

Assembly Bill 35
Assembly Bill 88
Assembly Bill 99
Assembly Bill 428
Assembly Bill 437
Assembly Bill 515
Assembly Bill 931
Senate Bill 251
Senate Bill 377

Each of these bills creates a new tax credit or expands an existing tax credit.

Despite strong revenue performance over the past few years, the state's budget has remained precariously balanced due to unexpected costs and the provision of new services. Now, without the extension of the managed care organization tax that I called for in special session, next year's budget faces the prospect of over $1 billion in cuts.

Given these financial uncertainties, I cannot support providing additional tax credits that will make balancing the state's budget even more difficult. Tax credits, like new spending on programs, need to be considered comprehensively as part of the budget deliberations.

Sincerely,



Edmund G. Brown Jr.