Bill Text: CA AB162 | 2017-2018 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: High-occupancy vehicle lanes: County of Riverside.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2018-08-31 - Ordered to inactive file at the request of Senator Roth. [AB162 Detail]

Download: California-2017-AB162-Introduced.html


CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill No. 162


Introduced by Assembly Member Cervantes

January 13, 2017


An act relating to taxation.


LEGISLATIVE COUNSEL'S DIGEST


AB 162, as introduced, Cervantes. Income taxation: California Competes Tax Credit Committee: GO-Biz.
Existing law allows a credit against the taxes imposed under the Corporation Tax Law and the Personal Income Tax Law for each taxable year beginning on or after January 1, 2014, and before January 1, 2025, in an amount as provided in a written agreement between the Governor’s Office of Business and Economic Development and the taxpayer, agreed upon by the California Competes Tax Credit Committee, and based on specified factors, including the number of jobs the taxpayer will create or retain in the state and the amount of investment in the state by the taxpayer. Existing law limits the aggregate amount of credit that may be allocated in a fiscal year and requires 25% of the aggregate amount of the credit that may be allocated to be reserved for small businesses. Existing law defines “small business” for purposes of this credit to mean a trade or business that has aggregate gross receipts, less returns and allowances reportable to this state, of less than $2,000,000 during the previous taxable year.
This bill would state the intent of the Legislature to enact legislation to amend the definition of “small business” under the credit described above, by increasing, from less than $2,000,000 to less than $4,000,000, the aggregate gross receipts, less returns and allowances reportable to this state, a trade or business may have during the previous taxable year in order to qualify as a small business.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 It is the intent of the Legislature to enact legislation to amend the definition of “small business” under the credit allowed pursuant to Sections 17059.2 and 23689 of the Revenue and Taxation Code, also known as the California Competes Tax Credit, by increasing, from less than two million dollars (2,0000,000) to less than four million dollars ($4,000,000), the amount of aggregate gross receipts, less returns and allowances reportable to this state, a trade or business may have during the previous taxable year in order to qualify as a small business.
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