California 2011-2012 Regular Session Status: In Committee

AB 2045 — Emerging technology and biotechnology company: income taxes: net operating losses: transfers.

Last action — In committee: Set, second hearing. Held under submission.

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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 2011-2012 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 Corporation Tax Law impose taxes measured by income, and allow individual and corporate taxpayers to utilize net operating losses as carryovers and carrybacks of those losses for purposes of offsetting their individual and corporate tax liabilities. This bill would require the Treasurer, in cooperation with the Franchise Tax Board, to establish a corporation business tax benefit certificate transfer program to allow a qualified transferor, defined as a new or expanding emerging technology and biotechnology company in this state with unused net operating losses, to surrender those net operating losses for use by a taxpayer subject to the Corporation Tax Law in this state in exchange for private financial assistance to be provided by that taxpayer to assist in the funding of costs incurred by the new or expanding emerging technology and biotechnology company, as provided. This bill would provide that any net operating losses that are transferred pursuant to a corporation business tax benefit transfer certificate issued to a taxpayer is allowed beginning on or after the first day of the 4th taxable year after the date of issue of that certificate.

Bill Text

Action History

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

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

  3. Re-referred to Com. on APPR.

  4. Read second time and amended.

  5. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 8. Noes 0.) (April 23).

  6. Re-referred to Com. on REV. & TAX.

  7. From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

  8. From committee: Be re-referred to Com. on REV. & TAX. Re-referred. (Ayes 9. Noes 0.) (April 12). Re-referred to Com. on REV. & TAX.

  9. Re-referred to Com. on RLS. pursuant to Assembly Rule 96.

  10. Re-referred to Com. on NAT. RES.

  11. From committee chair, with author's amendments: Amend, and re-refer to Com. on NAT. RES. Read second time and amended.

  12. Referred to Com. on NAT. RES.

  13. From printer. May be heard in committee March 25.

  14. Read first time. To print.

Sponsors

  • Perea · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Perea

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"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

Votes

Be referred to Committee on Revenue and Taxation.

Passed 9 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 9002
Total 9002
% of votes cast 82%0%0%18%
How each member voted (11)
Member Party Vote
Butler — Yea
Hagman — Yea
Carter — Not Voting
Donnelly — Not Voting
Silva — Yea
Skinner — Yea
Williams — Yea
Alejo — Yea
Hueso — Yea
Knight — Yea
Davis — Yea

Official roll call →

Subjects

taxation technology
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 2045 do?
The Personal Income Tax Law and Corporation Tax Law impose taxes measured by income, and allow individual and corporate taxpayers to utilize net operating losses as carryovers and carrybacks of those losses for purposes of offsetting their individual and corporate tax liabilities. This bill would require the Treasurer, in cooperation with the Franchise Tax Board, to establish a corporation business tax benefit certificate transfer program to allow a qualified transferor, defined as a new or expanding emerging technology and biotechnology company in this state with unused net operating losses, to surrender those net operating losses for use by a taxpayer subject to the Corporation Tax Law in this state in exchange for private financial assistance to be provided by that taxpayer to assist in the funding of costs incurred by the new or expanding emerging technology and biotechnology company, as provided. This bill would provide that any net operating losses that are transferred pursuant to a corporation business tax benefit transfer certificate issued to a taxpayer is allowed beginning on or after the first day of the 4th taxable year after the date of issue of that certificate.
Who sponsors AB 2045?
AB 2045 is sponsored by Perea.
What is the current status of AB 2045?
This bill died with 2011-2012 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 2045?
Track AB 2045 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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