John A. Pérez
Author
The Corporation Tax Law imposes taxes measured by income and, in the case of a business with business income derived from or attributable to sources both within and without this state, apportions the business income between this state and other states and foreign countries in accordance with a specified 4-factor formula based on the property, payroll, and sales within and without this state, except that in the case of an apportioning trade or business that derives more than 50% of its gross business receipts from conducting one or more qualified business activities, as defined, business income is apportioned in accordance with a specified 3-factor formula. That law, for taxable years beginning on or after January 1, 2011, allows a taxpayer to apportion its business income in accordance with a single sales factor formula, except as provided, pursuant to an irrevocable annual election, as specified. That law also provides that sales of tangible personal property and sales of other than tangible personal property are in this state in accordance with specified criteria. This bill, for taxable years beginning on or after January 1, 2012, would require a taxpayer, except as provided, to apportion its business income in accordance with a single sale factor and would allow a taxpayer to annually elect to apportion business income in accordance with the 4-factor formula, as provided. This bill also would revise the rules that determine whether a taxpayer is doing business in this state and would revise the provisions that determine whether sales other than tangible personal property occur in this state, including specific provisions for cable systems or networks. This bill would require any aggregate increase in revenues derived from its provisions less a specified amount, as provided, to be deposited into the Middle Class Scholarship Fund, which the bill would establish, and, upon appropriation by the Legislature, allocate those revenues for the purpose of increasing the affordability of higher education. This bill would become operative only if a specified measure is chaptered and establishes a middle-class scholarship program. This bill would declare that it is to take effect immediately as an urgency statute.
Withdrawn from committee.
Read third time. Urgency clause refused adoption. (Ayes 22. Noes 15. Page 5122.)
(Ayes 24. Noes 11. Page 5122.)
Ordered to third reading.
Senate Rule 29.3(b) suspended. (Ayes 24. Noes 12. Page 5066.)
(Ayes 24. Noes 12. Page 5066.)
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 5. Noes 2.) (August 16).
In committee: Set, first hearing. Referred to APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 3.) (August 16). Re-referred to Com. on APPR.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Urgency clause adopted. Passed. Ordered to the Senate. (Ayes 54. Noes 25. Page 5910.).
Read second time. Ordered to third reading.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 12. Noes 5.) (May 25).
In committee: Set, first hearing. Referred to APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 2.) (May 14). Re-referred to Com. on APPR.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
In committee: Set, first hearing. Referred to REV. & TAX. suspense file.
Re-referred to Com. on REV. & TAX. pursuant to Assembly Rule 96.
From committee chair, with author's amendments: Amend, and re-refer to Com. on BUDGET. Read second time and amended.
From printer. May be heard in committee February 10.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB1500 | HTML |
| 01/10/12 - Introduced | |
| 02/09/12 - Amended Assembly | |
| 05/08/12 - Amended Assembly | |
| 05/25/12 - Amended Assembly | |
| 08/24/12 - Amended Senate |
| Document | Format |
|---|---|
| No related documents. |
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