Caballero
Author
Existing law imposes an annual tax on the gross premiums of an insurer, as defined, doing business in this state at specified rates. Existing law, until January 1, 2017, allows a credit under the Personal Income Tax Law, the Corporation Tax Law, and a credit against the tax imposed on an insurer in an amount equal to 20% of a qualified investment, as defined, made in a community development financial institution, as defined, but not to exceed, in the aggregate amount under all those laws, $50,000,000 per year and authorizes the California Organized Investment Network to certify investments for the credit until January 1, 2017. Existing law provides that if a qualified investment is reduced before the end of the 60th month, but not below $50,000, an amount equal to 20% of the total reduction for the year shall be added to the tax imposed on the taxpayer. Existing law also provides that if a qualified investment is withdrawn before the end of the 60th month and not reinvested in another community development financial institution within 60 days, the entire amount of any credit previously allowed for that taxable year is required to be added to the tax imposed on the taxpayer. These provisions are repealed on December 1, 2017. This bill would establish similar credits under the Personal Income Tax Law, the Corporation Tax Law, and the tax imposed on an insurer for taxable years or years, as specified, beginning on or after January 1, 2017, and before January 1, 2022. The bill would, as compared to the tax credit that expired on January 1, 2017, require priority for the tax credit to be given to insurance company investors over all other tax credit investors and would instead require that the provision regarding withdrawal, without reinvestment, of a qualified investment also applies when a qualified investment is reduced. This bill would repeal these provisions on December 1, 2022. This bill would take effect immediately as a tax levy.
Stricken from file.
Consideration of Governor's veto pending.
Vetoed by Governor.
Enrolled and presented to the Governor at 3 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 77. Noes 0. Page 3108.).
Read third time. Passed. Ordered to the Assembly. (Ayes 40. Noes 0. Page 2515.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 8 pursuant to Assembly Rule 77.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 7. Noes 0.) (September 1).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (July 5). 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 76. Noes 0. Page 1896.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 17. Noes 0.) (May 26).
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 1.) (April 24).
From committee: Do pass and re-refer to Com. on REV. & TAX. (Ayes 13. Noes 0.) (April 19). Re-referred to Com. on REV. & TAX.
From printer. May be heard in committee March 18.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB778 | HTML |
| 02/15/17 - Introduced | |
| 05/02/17 - Amended Assembly | |
| 06/29/17 - Amended Senate | |
| 09/13/17 - Enrolled |
| Document | Format |
|---|---|
| No related documents. |
Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.