California 2009-2010 Regular Session Status: In Committee

SB 1073 — Income taxes: research and development credit: renewable energy.

Last action — From committee without further action.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2009-2010 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

The Personal Income Tax Law and the Corporation Tax Law, by reference to a specified federal statute, allow a credit against taxes imposed by those laws for increasing research expenses, as defined. In general, the amount of the credit under both laws is equal to 15% of the excess of the qualified research expenses, as defined, for the taxable year over the base amount, as defined, and, in addition, for purposes of the Corporation Tax Law, 24% of the basic research payments, as defined. The term "base amount" means the product of the average annual gross receipts of the taxpayer for each of the specified years preceding the taxable year and the fixed-base percentage, as defined, but in no event less than 50% of the qualified research expenses for the taxable year. This bill would, under both laws, for each taxable year beginning on or after January 1, 2010, provide that the credit for increasing research expenses shall be equal to 20% of the qualified research expenses with respect to green technology and renewable energy research and development costs, as provided. This bill would provide that new and additional credits allowable for specified taxable years would be allowed only against the taxes imposed for taxable years beginning on or after January 1, 2014, as prescribed. This bill would take effect immediately as a tax levy.

Bill Text

Action History

  1. From committee without further action.

  2. Placed on REV. & TAX. suspense file.

  3. (May 3 amended version corrected May 5.)

  4. From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.

  5. Set for hearing May 12.

  6. Set, first hearing. Hearing canceled at the request of author.

  7. Set for hearing April 28.

  8. To Com. on REV. & TAX.

  9. From print. May be acted upon on or after March 20.

  10. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Ashburn · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Ashburn

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation energy
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Frequently asked questions

What does SB 1073 do?
The Personal Income Tax Law and the Corporation Tax Law, by reference to a specified federal statute, allow a credit against taxes imposed by those laws for increasing research expenses, as defined. In general, the amount of the credit under both laws is equal to 15% of the excess of the qualified research expenses, as defined, for the taxable year over the base amount, as defined, and, in addition, for purposes of the Corporation Tax Law, 24% of the basic research payments, as defined. The term "base amount" means the product of the average annual gross receipts of the taxpayer for each of the specified years preceding the taxable year and the fixed-base percentage, as defined, but in no event less than 50% of the qualified research expenses for the taxable year. This bill would, under both laws, for each taxable year beginning on or after January 1, 2010, provide that the credit for increasing research expenses shall be equal to 20% of the qualified research expenses with respect to green technology and renewable energy research and development costs, as provided. This bill would provide that new and additional credits allowable for specified taxable years would be allowed only against the taxes imposed for taxable years beginning on or after January 1, 2014, as prescribed. This bill would take effect immediately as a tax levy.
Who sponsors SB 1073?
SB 1073 is sponsored by Ashburn.
What is the current status of SB 1073?
This bill died with 2009-2010 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 1073?
Track SB 1073 free on One Click Politics — get push/email alerts when it moves.

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