Adrin Nazarian
- Democratic
Author
The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill, for taxable years beginning on or after January 1, 2017, and before January 1, 2022, would allow a tax credit under both laws in an amount equal to 30% of the qualified costs paid or incurred by a qualified taxpayer for any seismic retrofit construction on a qualified building, as provided. The bill would require a taxpayer, in order to be eligible for the credit, to obtain 2 certifications from the appropriate jurisdiction with authority for building code enforcement of the area in which the building is located: one prior to seismic retrofit construction that certifies that the building is an at-risk property, and a second subsequent to construction that certifies that the completed construction is seismic retrofit construction, as defined, and specifies a dollar amount of qualified costs. The bill would further require the taxpayer to provide the second certification to and apply for allocation of the credit with the Franchise Tax Board, and would require the board to allocate credits on a first-come-first-served basis. The bill would provide that the credit would have an aggregate cap under both laws of $12,000,000 for each calendar year, as provided. Existing law requires a bill that would authorize a new credit against the tax imposed by the Personal Income Tax Law or the Corporation Tax Law to contain specific goals, purposes, and objectives that the new credit will achieve and detailed performance indicators and data collection requirements for determining whether the new credit achieves these goals, purposes, and objectives. This bill would make findings specifying the goals, purposes, and objectives of the above-described tax credits and detailing the performance indicators and data collection requirements for determining whether the credits meet these goals, purposes, and objectives. This bill would take effect immediately as a tax levy.
Consideration of Governor's veto stricken from file.
Vetoed by Governor.
Enrolled and presented to the Governor at 4 p.m.
Assembly Rule 77 suspended. (Page 2990.)
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 77. Noes 0. Page 3013.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 10 pursuant to Assembly Rule 77.
Read third time. Passed. Ordered to the Assembly. (Ayes 38. Noes 1. Page 2581.).
Read second time and amended. Ordered to third reading.
From committee: Amend, and do pass as amended. (Ayes 7. Noes 0.) (August 27).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 1.) (July 1). 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 Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0. Page 1709.)
Joint Rule 62(a), file notice suspended. (Page 1613.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 17. Noes 0.) (May 28).
In committee: Set, first hearing. Referred to APPR. suspense file.
Read second time and amended.
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (May 18).
In committee: Set, first hearing. Referred to REV. & TAX. suspense file.
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 22.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB428 | HTML |
| 02/19/15 - Introduced | |
| 05/12/15 - Amended Assembly | |
| 05/21/15 - Amended Assembly | |
| 06/17/15 - Amended Senate | |
| 08/31/15 - Amended Senate | |
| 09/11/15 - Enrolled |
| Document | Format |
|---|---|
| No related documents. |
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