AB 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 02/15/09 - Enrolled pdf February 15, 2009
• Amended 02/14/09 - Amended Senate pdf February 14, 2009
• Amended 01/07/09 - Amended Assembly pdf January 07, 2009
• Introduced 01/05/09 - Introduced pdf January 05, 2009
• AB15 View text html

Action History

1. February 20, 2009

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

2. February 20, 2009

   Approved by the Governor.

3. February 19, 2009

   Enrolled and to the Governor at 11 a.m.

4. February 19, 2009

   To enrollment.

5. February 19, 2009

   Reconsideration lapsed.

6. February 15, 2009

   Motion to reconsider on the next Legislative day made by Assembly Member Torrico.

7. February 15, 2009

   Senate amendments concurred in. To enrollment. (Ayes 63. Noes 8. Page 105.)

8. February 15, 2009

   In Assembly. Concurrence in Senate amendments pending.

9. February 14, 2009

   Read third time, passed, and to Assembly. (Ayes 26. Noes 7. Page 33.)

10. February 14, 2009

    Read third time, amended, and returned to third reading. (Page 30.).

11. February 14, 2009

    Ordered returned to third reading.

12. February 14, 2009

    From committee: Amend, and do pass as amended. (Ayes 23. Noes 13. Page 25.) (February 14).

13. February 14, 2009

    Re-referred to Com. on B. & F.R.

14. February 14, 2009

    (Ayes 23. Noes 13. Page 24.)

15. February 14, 2009

    Senate Rule 29.3 suspended.

16. January 26, 2009

    Read second time. To third reading.

17. January 26, 2009

    Withdrawn from committee. Ordered placed on second reading file.

18. January 12, 2009

    In Senate. Read first time. To Com. on RLS. for assignment.

19. January 12, 2009

    Read third time, passed, and to Senate. (Ayes 48. Noes 0. Page 36.)

20. January 12, 2009

    Withdrawn from committee. Ordered placed on third reading file.

21. January 08, 2009

    Re-referred to Com. on RULES.

22. January 07, 2009

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

23. January 07, 2009

    Referred to Com. on RULES.

24. January 06, 2009

    From printer.

25. January 05, 2009

    Read first time. To print.

Sponsors

• Krekorian · Primary
• Florez · Cosponsor

Votes

Subjects