Mike Davis
- Democratic
Author
The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws, including a credit in the amount of $3,000 for each full-time employee hired by a qualified employer applicable to taxable years beginning on or after January 1, 2009, and ending upon a cutoff date calculated based upon an estimate by the Franchise Tax Board of claims cumulatively totaling $400,000,000 for all taxable years, as specified. Existing law also creates the California Tax Credit Allocation Committee, which has specified duties in regard to low-income housing credits. This bill would instead calculate the cutoff date for the above-described hiring credit based upon an estimate by the Franchise Tax Board of claims cumulatively totaling $100,000,000 for all taxable years, as specified. This bill would also authorize a credit under both laws, for taxable years beginning on or after January 1, 2013, and before January 1, 2020, in a specified amount for investments in low-income communities. The bill would limit the total amount of credit allowed pursuant to these provisions to $50,000,000 per year. This bill would impose specified duties on the California Tax Credit Allocation Committee with regard to the application for, and allocation of, the credit. The bill would require the committee to establish and impose reasonable fees upon entities that apply for the allocation of the credit and use the revenue to defray the cost of administering the program, as specified, thereby making an appropriation. This bill would also appropriate $150,000 from the Tax Credit Allocation Fee Account to the committee for purposes of implementing the tax credit. This bill would result in a change in state taxes for the purpose of increasing state revenues within the meaning of Section 3 of Article XIII A of the California Constitution, and thus would require for passage the approval of 23 of the membership of each house of the Legislature. This bill would take effect immediately as a tax levy.
Died pursuant to Art. IV, Sec. 10(c) of the Constitution.
From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
In committee: Set, first hearing. Held under submission.
In committee: Set, first hearing. Referred to APPR. suspense file.
Measure version as amended on January 12 corrected.
Read second time and amended.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 4. Noes 0.) (January 10).
Re-referred to Com. on J., E.D. & E. pursuant to Assembly Rule 96.
From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
In committee: Set second hearing. Failed passage. Reconsideration granted.
From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
In committee: Set, first hearing. Hearing canceled at the request of author.
From printer. May be heard in committee March 19.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB643 | HTML |
| 02/16/11 - Introduced | |
| 04/15/11 - Amended Assembly | |
| 01/04/12 - Amended Assembly | |
| 01/12/12 - Amended Assembly |
| Document | Format |
|---|---|
| No related documents. |
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