SB 15 — Taxation: credits: apportionment: sales factor.

Summary

The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws. This bill would authorize a credit against those taxes for taxable years beginning on or after January 1, 2011, in an amount equal to a specified percentage of the qualified expenditures, as defined, attributable to the production of a qualified motion picture in California, or, where the qualified motion picture has relocated to California or is an independent film, as provided. This bill would authorize the sale of credits, attributable to an independent film, to an unrelated party. This bill would, until for taxable years beginning on or after January 1, 2011, in lieu of the credits authorized under the Personal Income Tax Law and the Corporation Tax Law for qualified motion pictures, allow a credit against qualified state sales and use taxes, as provided. This bill would impose specified duties on the California Film Commission, the Franchise Tax Board, and the State Board of Equalization, in administering the credits. This bill would require the Business, Transportation and Housing Agency to report to the Legislature regarding the economic impact of specified tax incentives created by the bill, as specified. This bill would, for taxable years beginning on or after January 1, 2009, and before January 1, 2011, authorize a credit, under both laws, in an amount equal to $3,000, prorated as provided, for each full-time employee hired during the taxable year by a qualified employer, as defined. The Corporation Tax Law imposes taxes measured by income and, in the case of a business with income derived from or attributable to sources both within and without this state, apportions the income between this state and other states and foreign countries in accordance with a specified 4-factor formula based on the property, payroll, and sales within and without this state, except that in the case of an apportioning trade or business that derives more than 50% of its gross business receipts from conducting one or more qualified business activities, as defined, business income is apportioned in accordance with a specified 3-factor formula. This bill would, for taxable years beginning on or after January 1, 2011, allow a taxpayer to have that income apportioned in accordance with a single sales factor formula, except as provided. The California Constitution authorizes the Governor to declare a fiscal emergency and to call the Legislature into special session for that purpose. The Governor issued a proclamation declaring a fiscal emergency, and calling a special session for this purpose, on December 19, 2008. This bill would state that it addresses the fiscal emergency declared by the Governor by proclamation issued on December 19, 2008, pursuant to the California Constitution. This bill would take effect immediately as a tax levy.

Bill Text

• Chaptered 02/20/09 - Chaptered Current pdf February 20, 2009
• Enrolled 02/19/09 - Enrolled pdf February 19, 2009
• Amended 02/14/09 - Amended Assembly pdf February 14, 2009
• Amended 01/13/09 - Amended Assembly pdf January 13, 2009
• Introduced 01/05/09 - Introduced pdf January 05, 2009
• SB15 View text html

Action History

1. February 20, 2009

   Chaptered by Secretary of State. Chapter 17, Statutes of 2009-10 Third Extraordinary Session.

2. February 20, 2009

   Approved by Governor.

3. February 19, 2009

   Enrolled. To Governor at 4 p.m.

4. February 19, 2009

   Senate concurs in Assembly amendments. (Ayes 30. Noes 6. Page 70.) To enrollment.

5. February 15, 2009

   Reconsideration granted.

6. February 15, 2009

   Motion to reconsider made by Senator Florez.

7. February 15, 2009

   Senate concurs in Assembly amendments.

8. February 14, 2009

   In Senate. To unfinished business.

9. February 14, 2009

   Read third time. Passed. (Ayes 63. Noes 8. Page 89.) To Senate.

10. February 14, 2009

    (Corrected February 17.)

11. February 14, 2009

    Read third time. Amended. (Page 77.)

12. February 14, 2009

    Placed on third reading.

13. February 14, 2009

    Withdrawn from committee.

14. January 13, 2009

    From committee with author's amendments. Read second time. Amended. Re-referred to Com. on RULES.

15. January 13, 2009

    To Com. on RULES.

16. January 12, 2009

    In Assembly. Read first time. Held at Desk.

17. January 12, 2009

    Read third time. Passed. (Ayes 29. Noes 1. Page 21.) To Assembly.

18. January 08, 2009

    Read second time. To third reading.

19. January 07, 2009

    Placed on second reading file.

20. January 07, 2009

    Withdrawn from committee.

21. January 05, 2009

    Introduced. Read first time. To Com. on RLS.

Sponsors

• Florez · Cosponsor
• Calderon · Primary

Votes

Subjects