Jose Medina
- Democratic
Author
The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. Existing law creates the California Competes Tax Credit Committee, which has specified duties in regard to tax credits for economic development. Existing law establishes the Governor's Office of Business and Economic Development, also known as "GO-Biz," to, among other duties, serve the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. Existing law imposes an annual tax on the gross premiums of an insurer, as defined, doing business in this state at specified rates. This bill would allow a credit under the Personal Income Tax Law and the Corporation Tax Law, and a credit against the tax imposed on an insurer, in modified conformity with a federal New Markets Tax Credit, for taxable years beginning on or after January 1, 2015, and before January 1, 2027, in a specified amount for investments in low-income communities. The bill would limit the total annual amount of credit allowed pursuant to these provisions to an amount equal to any portion not granted under a specified sales and use tax exclusion, not to exceed $40,000,000 per calendar year, and would limit the allocation of the credit to a cumulative total of no more than $200,000,000, as provided. The bill would impose specified duties on the California Competes Tax Credit Committee and GO-Biz with regard to the application for, and allocation of, the credit. The bill would require GO-Biz to establish and impose reasonable fees upon entities that apply for the allocation of the credit, to be deposited in the California New Markets Tax Credit Fund established by the bill, and use the revenue, upon appropriation by the Legislature, to defray the cost of applying to, and administering the program, as specified. The bill would specify that the credit would not be allowed unless the Legislature makes an appropriation from the fund. The bill would provide that its provisions are severable. This bill would take effect immediately as a tax levy.
Vetoed by Governor.
Enrolled and presented to the Governor at 4 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 74. Noes 2. Page 6718.).
Assembly Rule 63 suspended. (Page 6717.)
From committee: That the Senate amendments be concurred in. (Ayes 9. Noes 0.) (August 29).
Re-referred to Com. on REV. & TAX. pursuant to Assembly Rule 77.2.
Joint Rule 62(a), file notice suspended. (Ayes 55. Noes 24. Page 6645.)
Read third time. Passed. Ordered to the Assembly. (Ayes 35. Noes 0. Page 4894.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 29 pursuant to Assembly Rule 77.
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time and amended. Ordered to third reading.
From committee: Do pass as amended. (Ayes 5. Noes 0.) (August 14).
In committee: Placed on APPR. suspense file.
In committee: Hearing postponed by committee.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on APPR.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (June 25). Re-referred to Com. on APPR.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on GOV. & F.
In committee: Set, second 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 GOV. & F.
In committee: Set, first hearing. Hearing canceled at the request of author.
Re-referred to Com. on RLS. pursuant to Senate Rule 29.10(c) .
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time. Ordered to third reading.
From inactive file.
Read second time and amended. Ordered to second reading.
Ordered to second reading.
Ordered to inactive file at the request of Senator Corbett.
Read second time. Ordered to third reading.
From committee: Be placed on second reading file pursuant to Senate Rule 28.8.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (June 24). Re-referred to Com. on APPR.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 70. Noes 0. Page 1479.)
Read second time. Ordered to consent calendar.
From committee: Do pass. To consent calendar. (Ayes 17. Noes 0.) (May 8).
From committee: Do pass and re-refer to Com. on APPR. with recommendation: to consent calendar. (Ayes 9. Noes 0.) (April 23). Re-referred to Com. on APPR.
From printer. May be heard in committee April 11.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB1399 | HTML |
| 03/11/13 - Introduced | |
| 08/22/13 - Amended Senate | |
| 09/06/13 - Amended Senate | |
| 06/09/14 - Amended Senate | |
| 06/18/14 - Amended Senate | |
| 07/03/14 - Amended Senate | |
| 08/04/14 - Amended Senate | |
| 08/19/14 - Amended Senate | |
| 08/22/14 - Amended Senate | |
| 09/04/14 - Enrolled |
| Document | Format |
|---|---|
| No related documents. |
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