California 2013-2014 Regular Session Status: In Committee

SB 32 — Business investment: tax credits.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.

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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 2013-2014 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Existing laws governing the taxation of insurers, the Personal Income Tax Law, and the Corporation Tax Law, allow various credits against the taxes imposed by those laws. The Capital Access Company Law provides for licensing and regulation by the Commissioner of Corporations of capital access companies, which provide risk capital and management assistance to business entities. This bill would enact the California Jobs Act, which would require the Treasurer to sell tax credits to taxpayers in an auction designed and supervised by the Treasurer, as specified. This bill would require the proceeds from the sale of the tax credits to be deposited in the California Jobs Act Investment Fund, created by the bill. This bill would, for taxable years beginning on or after January 1, 2015, and before January 1, 2023, allow a credit against the tax imposed upon insurers and against the taxes imposed under the Personal Income Tax Law and the Corporation Tax Law, equal to the amount stated on the written instrument used by the Treasurer to evidence the sale of tax credits, as provided. This bill would create the California Jobs Act Board, as specified, and would require the board to designate capital access companies as qualified capital access companies, as specified. This bill would authorize capital access companies to apply to the board for designation, as specified. This bill would require revenues deposited in the California Jobs Act Investment Fund to be available, upon appropriation by the Legislature, for allocation by the board, as specified, to qualified capital access companies for the purpose of making investments in qualified businesses, as defined. This bill would authorize the board to charge certain fees to cover the board's costs in carrying out its responsibilities. This bill would impose certain duties upon qualified capital access companies, including a duty to make specified investments in qualified businesses, as specified. This bill would authorize the board to revoke any designation as a qualified access company and to assess a penalty, as specified, for any qualified capital access company that fails to perform any duty. This bill would require the board to report to the Legislature the results of the act, as provided.

Bill Text

Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 56.

  2. Set, first hearing. Held in committee without recommendation.

  3. Set for hearing May 1.

  4. Hearing postponed by committee.

  5. Set for hearing April 24.

  6. Re-referred to Com. on GOV. & F.

  7. Re-referred to Com. on RLS.

  8. Withdrawn from committee.

  9. From committee with author's amendments. Read second time and amended. Re-referred to Com. on ED.

  10. Referred to Com. on ED.

  11. From printer. May be acted upon on or after January 3.

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

Sponsors

  • Price · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Price

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 finance
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Frequently asked questions

What does SB 32 do?
Existing laws governing the taxation of insurers, the Personal Income Tax Law, and the Corporation Tax Law, allow various credits against the taxes imposed by those laws. The Capital Access Company Law provides for licensing and regulation by the Commissioner of Corporations of capital access companies, which provide risk capital and management assistance to business entities. This bill would enact the California Jobs Act, which would require the Treasurer to sell tax credits to taxpayers in an auction designed and supervised by the Treasurer, as specified. This bill would require the proceeds from the sale of the tax credits to be deposited in the California Jobs Act Investment Fund, created by the bill. This bill would, for taxable years beginning on or after January 1, 2015, and before January 1, 2023, allow a credit against the tax imposed upon insurers and against the taxes imposed under the Personal Income Tax Law and the Corporation Tax Law, equal to the amount stated on the written instrument used by the Treasurer to evidence the sale of tax credits, as provided. This bill would create the California Jobs Act Board, as specified, and would require the board to designate capital access companies as qualified capital access companies, as specified. This bill would authorize capital access companies to apply to the board for designation, as specified. This bill would require revenues deposited in the California Jobs Act Investment Fund to be available, upon appropriation by the Legislature, for allocation by the board, as specified, to qualified capital access companies for the purpose of making investments in qualified businesses, as defined. This bill would authorize the board to charge certain fees to cover the board's costs in carrying out its responsibilities. This bill would impose certain duties upon qualified capital access companies, including a duty to make specified investments in qualified businesses, as specified. This bill would authorize the board to revoke any designation as a qualified access company and to assess a penalty, as specified, for any qualified capital access company that fails to perform any duty. This bill would require the board to report to the Legislature the results of the act, as provided.
Who sponsors SB 32?
SB 32 is sponsored by Price.
What is the current status of SB 32?
This bill died with 2013-2014 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 32?
Track SB 32 free on One Click Politics — get push/email alerts when it moves.

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