Steve Bradford
- Democratic
- Senator
- District 35
Author
Existing statutory law imposes taxes on the gross premiums of an insurer, as defined, and allows various credits against those taxes. The California Constitution imposes exactions against insurers from another state or country under specified conditions. This bill would establish the California Jumpstart Act. The act would allow a credit against those taxes for each taxable year beginning on or after January 1, 2025, until January 1, 2030, in an amount equal to the amount of a relief contribution, as defined, that meets specified requirements. The bill would prohibit a taxpayer allowed a credit under the act for a qualified relief investment from being eligible for any other credit, as specified, with respect to that investment. The bill would require the California Pollution Control Financing Authority (CPCFA) to, among other things, accept applications for approval as a relief fund that meet specified requirements, including that the application include a signed certification from the chief executive officer or another similar officer of each investor committing to make a relief contribution and stating the amount of that commitment, among other attestations. The bill also would authorize the CPCFA to recover any tax credit allowed and revoke the tax credit certificates issued to a taxpayer if the taxpayer engages in specified behavior, including, failing to invest 100% of its investment authority in relief investments within 2 years of the closing date. The bill would require the CPCFA to act in consultation with the Department of Insurance to accomplish these responsibilities where specified. This bill would require, among other things, the CPCFA to undertake outreach activities to encourage investment in impact businesses, including, but not limited to, partnering with organizations representing persons and business enterprises from small businesses more than 50% owned by minorities, women, disabled veterans, lesbian, gay, bisexual or transgender persons, as described. The bill would also establish the Treasury Relief Investment Fund in the State Treasury, and would continuously appropriate the fund for purposes of these provisions. The bill would authorize CPCFA to direct the Treasurer to invest moneys in the fund, as specified, and would authorize CPCFA to use proceeds in the fund for administrative purposes. By continuously appropriating moneys in the fund, this bill would make an appropriation. This bill would provide that the California Jumpstart Act is only operative for taxable years for which an appropriation is made for its purposes in the annual Budget Act or other statute. This bill would require various certifications by officers of an investor and would require a relief fund that has not decertified to annually certify under penalty of perjury that the relief fund has not violated any of the grounds for recovery and revocation of credits. By expanding the crime of perjury, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
June 27 hearing: Heard for testimony only.
From committee: Do pass and re-refer to Com. on REV. & TAX. (Ayes 6. Noes 0.) (June 21). Re-referred to Com. on REV. & TAX.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on J.,E.D., & E.
June 29 set for first hearing canceled at the request of author.
Referred to Coms. on J.,E.D., & E. and REV. & TAX.
Read third time. Passed. (Ayes 38. Noes 0. Page 1382.) Ordered to the Assembly.
In Assembly. Read first time. Held at Desk.
Read second time. Ordered to third reading.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 7. Noes 0. Page 1204.) (May 20).
Set for hearing May 20.
May 10 hearing: Placed on APPR suspense file.
Set for hearing May 10.
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 4. Noes 0. Page 896.) (April 22).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on GOV. & F.
Set for hearing April 22.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
From printer. May be acted upon on or after March 24.
Joint Rule 55 suspended. (Ayes 32. Noes 4. Page 272.)
(Ayes 32. Noes 4.)
Art. IV. Sec. 8(a) of the Constitution dispensed with.
Read first time.
Introduced. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB777 | HTML |
| 02/19/21 - Introduced | |
| 03/10/21 - Amended Senate | |
| 04/19/21 - Amended Senate | |
| 04/27/21 - Amended Senate | |
| 05/20/21 - Amended Senate | |
| 06/14/22 - Amended Assembly |
| Document | Format |
|---|---|
| 04/19/21- Senate Governance and Finance | |
| 05/07/21- Senate Appropriations | |
| 05/20/21- Senate Appropriations | |
| 05/25/21- Sen. Floor Analyses | |
| 06/19/22- Assembly Jobs, Economic Development, and the Economy | |
| 06/24/22- Assembly Revenue and Taxation |
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