California 2009-2010 Regular Session Status: In Committee

AB 2687 — Income taxes: credit: trade infrastructure investment: import-export cargo.

Last action — From committee without further action.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 authorizes various credits against the taxes imposed by those laws. This bill would, subject to a subsequent act authorizing a total amount of credit, authorize credits against those taxes for each taxable year beginning on or after January 1, 2011, and before January 1, 2021, with the first credit in an amount not to exceed 5% of the amount paid or incurred during the taxable year for capital costs of a project relating to port or harbor activity, as provided, and the 2nd credit in an amount not to exceed the product of $5 and the number of tons of additional qualified cargo, as provided. This bill would require the Legislative Analyst to evaluate the effectiveness of this tax credit, as provided. This bill would require the Franchise Tax Board to estimate the economic impacts of the allowance of these tax credits, and to certify qualifying projects and qualified cargo only if it determines that there would be sufficient revenues received by the state as a result of the economic impacts of these projects and cargo, to offset the costs to the state of providing the tax credits.

Bill Text

Action History

  1. From committee without further action.

  2. In committee: Set, second hearing. Held under submission.

  3. In committee: Set, first hearing. Referred to APPR. suspense file.

  4. Re-referred to Com. on APPR.

  5. Read second time and amended.

  6. From committee: Amend, do pass as amended, and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (April 19).

  7. In committee: Set, first hearing. Referred to REV. & TAX. suspense file.

  8. In committee: Hearing postponed by committee.

  9. Referred to Com. on REV. & TAX.

  10. Read first time.

  11. From printer. May be heard in committee March 23.

  12. Introduced. To print.

Sponsors

  • Bradford · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Bradford

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.

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Votes

Subjects

taxation transportation
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Frequently asked questions

What does AB 2687 do?
The Personal Income Tax Law and the Corporation Tax Law authorizes various credits against the taxes imposed by those laws. This bill would, subject to a subsequent act authorizing a total amount of credit, authorize credits against those taxes for each taxable year beginning on or after January 1, 2011, and before January 1, 2021, with the first credit in an amount not to exceed 5% of the amount paid or incurred during the taxable year for capital costs of a project relating to port or harbor activity, as provided, and the 2nd credit in an amount not to exceed the product of $5 and the number of tons of additional qualified cargo, as provided. This bill would require the Legislative Analyst to evaluate the effectiveness of this tax credit, as provided. This bill would require the Franchise Tax Board to estimate the economic impacts of the allowance of these tax credits, and to certify qualifying projects and qualified cargo only if it determines that there would be sufficient revenues received by the state as a result of the economic impacts of these projects and cargo, to offset the costs to the state of providing the tax credits.
Who sponsors AB 2687?
AB 2687 is sponsored by Bradford.
What is the current status of AB 2687?
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 AB 2687?
Track AB 2687 free on One Click Politics — get push/email alerts when it moves.

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