Joel Anderson
- Republican
Author
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 expenses, as defined. In general, 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, for purposes of the Corporation Tax Law, 24% of the basic research payments, as defined. The term "base amount" means the product of the average annual gross receipts of the taxpayer for each of the specified years preceding the taxable year and the fixed-base percentage, as defined, but in no event less than 50% of the qualified research expenses for the taxable year. A taxpayer may elect an alternative incremental credit for increasing research expenses in modified conformity to federal income tax laws. This bill would increase the credit for increasing research expenses to 20% of the excess of the qualified research expenses. This bill would also provide complete conformity to the alternative simplified credit provided under those federal income tax laws, and eliminate the conformity to the alternative incremental credit. This bill would take effect immediately as a tax levy.
No votes to display
From committee without further action.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
In committee: Set, second hearing. Held under submission.
In committee: Set, first hearing. Referred to REV. & TAX. suspense file.
In committee: Hearing postponed by committee.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
From printer. May be heard in committee March 21.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB2278 | HTML |
| 02/18/10 - Introduced | |
| 04/14/10 - Amended Assembly | |
| 05/11/10 - Amended Assembly |
| Document | Format |
|---|---|
| No related documents. |
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