María Elena Durazo
- Democratic
- Senator
- District 26
Author
The Personal Income Tax Law and the Corporation Tax Law allow a credit (CalCompetes tax credit) against the taxes imposed under those laws, for each taxable year beginning on and after January 1, 2014, and before January 1, 2030, in an amount as provided in a written agreement between the Governor's Office of Business and Economic Development and the taxpayer, approved by the California Competes Tax Credit Committee, and based on specified factors, including the number of jobs the taxpayer will create or retain in the state and the amount of investment in the state by the taxpayer. Existing law establishes the continuously appropriated Tax Relief and Refund Account and provides that specified payments required to be made to taxpayers, including refunds, are to be paid from that account. This bill, for taxable years beginning on or after January 1, 2021, would allow a qualified taxpayer, to the extent a CalCompetes tax credit amount exceeds a qualified taxpayer's tax liability for the taxable year, as specified, to elect to be paid a refund from the Tax Relief and Refund Account, not to exceed the amount of total taxes imposed by the state and paid by the qualified taxpayer during the taxable year. The bill would define a "qualified taxpayer" as a taxpayer that has created at least 5,000 prevailing wage, full-time or full-time equivalent jobs in the state each year for a period of 10 years. The bill would require a qualified taxpayer that receives a refund to reinvest the refund into immobile capital equipment that supports infrastructure improvements, expansion, or developments for media production facilities in the state, as provided. By authorizing new refund payments to be paid from the continuously appropriated Tax Relief and Refund Account, this bill would make an appropriation.
Joint Rule 62(a) suspended.
From committee: Do pass. (Ayes 12. Noes 2.) (August 31).
Joint Rule 62(a) suspended.
Re-referred to Coms. on REV. & TAX. and APPR. pursuant to Assembly Rule 77.2.
Read third time and amended.
Joint Rule 61(b)(17) suspended. (Ayes 59. Noes 16. Page 5275.)
Ordered to third reading.
From inactive file.
Assembly Rule 63 and 78 suspended. (Ayes 57. Noes 16. Page 5271.)
From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (August 30). Re-referred to Com. on APPR.
Ordered to inactive file on request of Assembly Member Calderon.
Read third time and amended.
Ordered to third reading.
Read second time. Ordered to third reading.
Coauthors revised.
From committee: Do pass. (Ayes 16. Noes 1.) (August 30).
August 14 set for first hearing. Placed on APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 18. Noes 0.) (July 9). Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on B. & P. (Ayes 10. Noes 0.) (June 24). Re-referred to Com. on B. & P.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.
In Assembly. Read first time. Held at Desk.
Read third time. Urgency clause adopted. Passed. (Ayes 36. Noes 1. Page 1180.) Ordered to the Assembly.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 4. Noes 1. Page 1088.) (May 16).
Set for hearing May 16.
May 13 hearing: Placed on APPR. suspense file.
Set for hearing May 13.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 1. Page 845.) (April 24).
Set for hearing April 24.
From committee: Do pass and re-refer to Com. on GOV. & F. (Ayes 6. Noes 1. Page 546.) (April 3). Re-referred to Com. on GOV. & F.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
Set for hearing April 3.
April 10 set for first hearing canceled at the request of author.
Set for hearing April 10.
Referred to Coms. on B. & F.I. and GOV. & F.
Read first time.
From printer. May be acted upon on or after January 4.
Introduced. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB51 | HTML |
| 12/04/18 - Introduced | |
| 03/25/19 - Amended Senate | |
| 04/29/19 - Amended Senate | |
| 06/13/19 - Amended Assembly | |
| 09/05/19 - Amended Assembly | |
| 08/30/20 - Amended Assembly |
| Document | Format |
|---|---|
| No related documents. |
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