Bill Text: CA AB1173 | 2013-2014 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Personal Income and Corporation Tax Law: nonqualified deferred compensation plan: tentative minimum tax: credits: exempt organizations.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2013-10-04 - Chaptered by Secretary of State - Chapter 536, Statutes of 2013. [AB1173 Detail]

Download: California-2013-AB1173-Amended.html

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BILL NUMBER: AB 1173	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MARCH 21, 2013

INTRODUCED BY   Assembly Member Bocanegra

                        FEBRUARY 22, 2013

   An act to  amend Section 23002 of   add
Section 17508.2 to  the Revenue and Taxation Code, relating to
taxation  , to take effect immediately,   tax levy 
.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 1173, as amended, Bocanegra.  Corporation taxes.
  Personal income taxes: nonqualified deferred
compensation plan.  
   The Personal Income Tax Law conforms to the federal income tax law
that includes in gross income the compensation from nonqualified
deferred compensation plans that fail to meet specified requirements.
These laws require the amount of tax imposed to be increased by the
amount of interest at the underpayment rate, as specified, and 20% of
the compensation that is required to be included in gross income.
 
   This bill would substitute 5% in lieu of 20%.  
   This bill would take effect immediately as a tax levy. 

   The Corporation Tax Law specifies that its provisions are
applicable to specified taxes.  
   This bill would make technical, nonsubstantive changes to those
specification provisions. 
   Vote: majority. Appropriation: no. Fiscal committee:  no
  yes  . State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

   SECTION 1.    Section 17508.2 is added to the 
 Revenue and Taxation Code   , to read:  
   17508.2.  Section 409A of the Internal Revenue Code is modified as
follows:
   (a) By substituting the phrase "five percent" in lieu of the
phrase "20 percent" in Section 409A(a)(1)(B)(i)(II) of the Internal
Revenue Code.
   (b) By substituting the phrase "five percent" in lieu of the
phrase "20 percent" in Section 409A(b)(5)(A)(ii) of the Internal
Revenue Code. 
   SEC. 2.    This act provides for a tax levy within
the meaning of Article IV of the Constitution and shall go into
immediate effect.  
  SECTION 1.    Section 23002 of the Revenue and
Taxation Code is amended to read:
   23002.  Except where otherwise expressly provided, all provisions
of this part are applicable to the taxes imposed respectively under
Chapter 2 (commencing with Section 23101), Chapter 2.5 (commencing
with Section 23400), or Chapter 3 (commencing with Section 23501), or
to the predecessor acts of this part, the Bank and Corporation
Franchise Tax Act, or the Corporation Income Tax Act, respectively.