California 2013-2014 Regular Session Status: In Committee

AB 2422 — Corporation Tax Law: credits: STEAM Investment Incentives Act.

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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

The Corporation Tax Law allows various credits against the tax imposed by that law. This bill would, for taxable years beginning on or after January 1, 2015, and before January 1, 2020, allow a credit against the tax imposed under that law for 50% of monetary contributions to nonprofit education improvement organizations, as defined, to fund qualified grants for K-12 education innovative programs relating to science, technology, engineering, math literacy, and the arts for private, public, or charter schools. The bill would provide that the credit would not exceed $200,000 per taxpayer, that the credit would be awarded on a first-come, first-serve basis, and that the credit would have an aggregate cap of $50,000,000 for each calender year. The bill would require the Franchise Tax Board and the State Department of Education to administer the credit, as specified. This bill would take effect immediately as a tax levy.

Bill Text

Action History

  1. From committee without further action.

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

  3. In committee: Set, first hearing. Held under submission.

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

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

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

  7. Read first time.

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

  9. Introduced. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 120 not signed on

Sponsors (1)

  • Nestande

Co-sponsors (1)

Not signed on (120)

120 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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Subjects

taxation education
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Frequently asked questions

What does AB 2422 do?
The Corporation Tax Law allows various credits against the tax imposed by that law. This bill would, for taxable years beginning on or after January 1, 2015, and before January 1, 2020, allow a credit against the tax imposed under that law for 50% of monetary contributions to nonprofit education improvement organizations, as defined, to fund qualified grants for K-12 education innovative programs relating to science, technology, engineering, math literacy, and the arts for private, public, or charter schools. The bill would provide that the credit would not exceed $200,000 per taxpayer, that the credit would be awarded on a first-come, first-serve basis, and that the credit would have an aggregate cap of $50,000,000 for each calender year. The bill would require the Franchise Tax Board and the State Department of Education to administer the credit, as specified. This bill would take effect immediately as a tax levy.
Who sponsors AB 2422?
AB 2422 is sponsored by Nestande and Travis Allen.
What is the current status of AB 2422?
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 AB 2422?
Track AB 2422 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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