Joan Buchanan
- Democratic
Author
Existing law establishes the Department of Housing and Community Development with duties that include overseeing various programs to promote economic and community development throughout the state. This bill would authorize, until January 1, 2016, the department to designate, based on specific factors, a Research and Development Tax Credit Area located within an Innovation Hub or a city, as respectively defined. The Personal Income Tax Law and the Corporation Tax Law, by reference to a specified federal statute, allow a credit against taxes imposed by those laws for increasing research activities. The amount of the credit under both laws is equal to 15% of the excess of the qualified research expenses, as defined, for the taxable year over the base amount, as defined, and, in addition, under the Corporation Tax Law, 24% of the basic research payments, as defined. This bill would, under both laws, in lieu of that credit, for each taxable year beginning on or after January 1, 2011, and before January 1, 2016, provide to a qualified taxpayer, as defined, a tax credit for research and development, as defined, for expenses equal to 20% of the research and development expenses relating to the development of alternative energy sources and advanced transportation technologies, as those terms are defined, conducted in California in a research and development tax area, as described. The bill would further require the Legislative Analyst's Office to report to the Legislature on the effectiveness of the tax credit program established by this act. This bill would take effect immediately as a tax levy.
From Senate committee without further action.
In committee: Placed on REV. & TAX. suspense file.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on REV. & TAX.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on REV. & TAX.
In committee: Set, first hearing. Hearing canceled at the request of author.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on RLS.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time, passed, and to Senate. (Ayes 73. Noes 0. Page 1466.)
Read second time. To Consent Calendar.
From committee: Do pass. To Consent Calendar. (May 6).
From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.
From printer. May be heard in committee April 12.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB1565 | HTML |
| 03/12/09 - Introduced | |
| 04/13/09 - Amended Assembly | |
| 05/28/09 - Amended Senate | |
| 06/09/10 - Amended Senate | |
| 06/16/10 - Amended Senate |
| Document | Format |
|---|---|
| No related documents. |
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