Bill Text: CA AB1915 | 2009-2010 | Regular Session | Amended
Bill Title: Income taxes: credits: music production companies.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-05-10 - In committee: Set, first hearing. Hearing canceled at the request of author. [AB1915 Detail]
Download: California-2009-AB1915-Amended.html
BILL NUMBER: AB 1915 AMENDED
BILL TEXT
AMENDED IN ASSEMBLY APRIL 5, 2010
INTRODUCED BY Assembly Member Davis
FEBRUARY 16, 2010
An act to add Section 2853 to the Public Utilities Code,
relating to solar energy. An act to add Sections
17053.86 and 23686 to the Revenue and Taxation Code, relating to
taxation, to take effect immediately, tax levy.
LEGISLATIVE COUNSEL'S DIGEST
AB 1915, as amended, Davis. Solar energy projects: rental
properties. Income taxes: credits: music production
companies.
The Personal Income Tax Law and the Corporation Tax Law authorize
various credits against the taxes imposed by those laws.
This bill would, for each taxable year beginning on or after
January 1, 2010, authorize a credit under both laws in an amount
equal to ____% of the qualified expenditures paid or incurred by the
taxpayer for the production of a qualified music recording, as
defined, in California.
This bill would take effect immediately as a tax levy.
Under existing law, the Public Utilities Commission (PUC) has
regulatory authority over public utilities, including electrical
corporations. A decision of the PUC adopted the California Solar
Initiative. Existing law requires the PUC to undertake certain steps
in implementing the California Solar Initiative.
This bill would require the commission to implement a strategy to
expand the participation rates of multiunit residential and
commercial rental properties in utility energy efficiency and solar
energy programs in accordance with prescribed program requirements.
The commission would be required to prepare and submit a report on
that program to the Legislature.
Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Section 17053.86 is added to the
Revenue and Taxation Code , to read:
17053.86. (a) For each taxable year beginning on or after January
1, 2010, there shall be allowed as a credit against the "net tax,"
as defined in Section 17039, an amount equal to ____ percent of the
qualified expenditures paid or incurred by the qualified taxpayer for
the production of a qualified music recording in California.
(b) For purposes of this section:
(1) "Budget" means an estimate of all expenses paid or incurred
during the production period of a qualified music recording.
(2) "Music recording production company" means a company engaged
in the business of producing music recordings.
(3) "Qualified expenditure" means amounts paid or incurred to
purchase or lease tangible personal property used within this state
in the production of a qualified music recording and payments for
services performed within this state in the production of a qualified
music recording.
(4) "Qualified music recording" means a recording of music,
poetry, or spoken-word performance made in California, in whole or in
part, that is produced by a music recording production company for
distribution to the general public with a minimum production budget
of ____. The term "qualified music recording" shall not include the
audio portions of dialogue or words spoken and recorded as part of a
motion picture, video, theatrical production, television news
coverage, or athletic event.
(5) "Qualified taxpayer" means a taxpayer who has paid or incurred
qualified expenditures.
(c) In the case where the credit allowed by this section exceeds
the "net tax," the excess may be carried over to reduce the "net tax"
in the following year, and succeeding years if necessary, until the
credit is exhausted.
(d) No deduction shall be allowed to a taxpayer for the amount of
qualified expenses for which a credit is allowed to that taxpayer
under this section.
SEC. 2. Section 23686 is added to the
Revenue and Taxation Code , to read:
23686. (a) For each taxable year beginning on or after January 1,
2010, there shall be allowed as a credit against the "tax," as
defined in Section 23036, an amount equal to ____ percent of the
qualified expenditures paid or incurred by the qualified taxpayer for
the production of a qualified music recording in California.
(b) For purposes of this section:
(1) "Budget" means an estimate of all expenses paid or incurred
during the production period of a qualified music recording.
(2) "Music recording production company" means a company engaged
in the business of producing music recordings.
(3) "Qualified expenditure" means amounts paid or incurred to
purchase or lease tangible personal property used within this state
in the production of a qualified music recording and payments for
services performed within this state in the production of a qualified
music recording.
(4) "Qualified music recording" means a recording of music,
poetry, or spoken-word performance made in California, in whole or in
part, that is produced by a music recording production company for
distribution to the general public with a minimum production budget
of ____. The term "qualified music recording" shall not include the
audio portions of dialogue or words spoken and recorded as part of a
motion picture, video, theatrical production, television news
coverage, or athletic event.
(5) "Qualified taxpayer" means a taxpayer who has paid or incurred
qualified expenditures.
(c) In the case where the credit allowed by this section exceeds
the "tax," the excess may be carried over to reduce the "tax" in the
following year, and succeeding years if necessary, until the credit
is exhausted.
(d) No deduction shall be allowed to a taxpayer for the amount of
qualified expenses for which a credit is allowed to that taxpayer
under 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 2853 is added to the Public
Utilities Code, to read:
2853. (a) The commission shall do both of the following:
(1) Implement a strategy to expand the participation rates of
multiunit residential and commercial rental properties in utility
energy efficiency and solar energy programs.
(2) Prepare and submit a report to the Legislature on the program
developed pursuant to paragraph (1).
(b) The commission shall ensure that the program complies with all
of the following:
(1) Does not result in any additional ratepayer surcharges.
(2) Is funded through existing utility energy efficiency programs
and the California Solar Initiative, as defined in subdivision (a) of
Section 2852.
(3) Is cost effective for utility customers.
(c) The commission shall consider, in developing the program,
whether synergies exist between its energy efficiency program and the
solar energy programs of the California Solar Initiative, including,
but not limited to, the low-income provisions of the California
Solar Initiative, that, in the determination of the commission, can
make energy efficiency and solar investments cost effective for
utility customers in multiunit residential or commercial rental
properties.
