Bill Text: CA AB1255 | 2015-2016 | Regular Session | Amended

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Bill Title: Income and corporation taxes: credit: donation of apparently wholesome food.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2016-02-01 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB1255 Detail]

Download: California-2015-AB1255-Amended.html

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BILL NUMBER: AB 1255	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MARCH 26, 2015

INTRODUCED BY   Assembly Member Thurmond

                        FEBRUARY 27, 2015

   An act to  amend Section 17004 of   add
Sections 17053.83 and 23683 to  the Revenue and Taxation Code,
relating to taxation  , to take effect im   mediately,
tax levy  .



	LEGISLATIVE COUNSEL'S DIGEST


   AB 1255, as amended, Thurmond.  Personal income taxes.
  Income and corporation taxes: credit: donation of
apparently wholesome food. 
   The Personal Income Tax Law  defines a taxpayer for
purposes of that law.   and the Bank and Corporation Tax
Law allow various credits against the taxes imposed by those laws.

   This bill would  make technical, nonsubstantive changes to
that definition.   allow a credit against those taxes
for each taxable year, beginning on and after January 2015, a
taxpayer donates apparently wholesome food, as defined, from any
trade or business of the   taxpayer to an organization
located in California and exempt from federal income taxation, as
specified.  
   This bill would take effect immediately as a tax levy. 
   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 17053.83 is added to the 
 Revenue and Taxation Code   , to read:  
   17053.83.  (a) For taxable years beginning on or after January 1,
2015, a taxpayer who donates apparently wholesome food from any trade
or business of the taxpayer to an organization located in California
and exempt from federal income taxation as an organization described
in Section 501(c)(3) of the Internal Revenue Code shall be allowed a
credit against the "net tax," as defined in Section 17039, equal to
15 percent of the fair market value of the contribution.
   (b) For purposes of this section, "apparently wholesome food" has
the same meaning as the term in Section 170 of Title 26 of the United
States Code, as of January 1, 2015.
   (c) A deduction shall not be allowed under this part for amounts
taken into account under this section in calculating the credit
allowed by this section.
   (d) Section 41 does not apply to the credit allowed by this
section. 
   SEC. 2.    Section 23683 is added to the  
Revenue and Taxation Code   , to read:  
   23683.  (a) For taxable years beginning on or after January 1,
2015, a taxpayer that donates apparently wholesome food from any
trade or business of the taxpayer to an organization located in
California and exempt from federal income taxation as an organization
described in Section 501(c)(3) of the Internal Revenue Code shall be
allowed a credit against the "tax," as defined in Section 23036,
equal to 15 percent of the fair market value of the contribution.
   (b) For purposes of this section, "apparently wholesome food" has
the same meaning as the term in Section 170 of Title 26 of the United
States Code, as of January 1, 2015.
   (c) A deduction shall not be allowed under this part for amounts
taken into account under this section in calculating the credit
allowed by this section.
   (d) Section 41 does not apply to the credit allowed by this
section. 
   SEC. 3.    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 17004 of the Revenue and
Taxation Code is amended to read:
   17004.  "Taxpayer" includes any individual, fiduciary, estate, or
trust subject to any tax that is imposed by this part, or any
partnership.