SB 55

Bill Subjects

Abstract

The Corporation Tax Law authorizes various credits against the taxes imposed by that law. This bill would, for taxable years beginning on or after January 1, 2010, allow to a qualified taxpayer, as defined, a credit, not to exceed $10,000,000, for specified percentages of qualified expenditures, as defined. In general, the credit would be allowed to automobile manufacturers in this state that employ a specified number of qualified employees, as provided. The California Constitution authorizes the Governor to declare a fiscal emergency and to call the Legislature into special session for that purpose. The Governor issued a proclamation declaring a fiscal emergency, and calling a special session for this purpose, on December 19, 2008. This bill would state that it addresses the fiscal emergency declared by the Governor by proclamation issued on December 19, 2008, pursuant to the California Constitution. This bill would take effect immediately as a tax levy.