Bill Text: CA AB2230 | 2009-2010 | Regular Session | Amended

California Assembly Bill 2230 (Prior Session Legislation)

Bill Title: Franchise Tax Board: administration: list: publicly

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-06-03 - To inactive file on motion of Assembly Member Charles Calderon. [AB2230 Detail]

Download: California-2009-AB2230-Amended.html

BILL NUMBER: AB 2230	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MAY 11, 2010
	AMENDED IN ASSEMBLY  APRIL 27, 2010
	AMENDED IN ASSEMBLY  APRIL 5, 2010

INTRODUCED BY   Assembly Member Charles Calderon

                        FEBRUARY 18, 2010

   An act to add Section 19196 to the Revenue and Taxation Code,
relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2230, as amended, Charles Calderon. Franchise Tax Board:
administration: list: publicly traded corporations.
   Existing income and corporation tax laws require the Franchise Tax
Board to annually list the 250 largest tax delinquencies in excess
of $100,000.
   This bill would require the board to make available as a matter of
public record and post on its Internet Web site by March 31, 2011,
and annually thereafter, a list of the 100 largest publicly traded
corporations, based on gross receipts attributable to the state,
filing tax returns for a taxable year and with tax expenditures, as
specified.
   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 19196 is added to the Revenue and Taxation
Code, to read:
   19196.  (a) Notwithstanding any other provision of law, the
Franchise Tax Board shall make available as a matter of public record
and post on its Internet Web site by March 31, 2011, and annually
thereafter, a list of the 100 largest publicly traded corporations,
based on gross receipts from all sources derived from or attributable
to this state, filing tax returns for a taxable year and with tax
expenditures. The list shall commence with tax returns filed for
taxable years beginning on or after January 1, 2008.
   (b) Each annual list as described in subdivision (a) shall include
the following information for each corporation:
   (1) The name of the corporation.
   (2) The California corporation number.
   (3) The address of the principal office.
   (4) The aggregate amount of tax expenditures.
   (5) The effective tax rate. 
   (6) Whether the taxpayer has elected to file on a water's edge
basis under Section 25113 or has filed a combined report based on
worldwide income. 
   (c) For purposes of this section, the following definitions shall
apply:
   (1) "Aggregate amount of tax expenditures" means the aggregated
amount of tax expenditures claimed by the  corporation
  taxpayer  on its tax return for the taxable year.

   (2) "Effective tax rate" means an amount, expressed as a
percentage, determined by dividing the amount of taxes  paid
  payable  by a taxpayer for a taxable year by an
amount equal to the sum of the following:
   (A) The  taxable income   net income, within
the meaning of Section 23151,  of the taxpayer for the taxable
year.
   (B) The tax expenditures of the taxpayer that were deducted by the
taxpayer in arriving at the taxable income of the taxpayer for the
taxable year.
   (3) "Tax expenditure" means tax expenditures as detailed in the
California Income Tax Expenditures, Compendium of Individual
Provisions Report, compiled by the Franchise Tax  Board.
  Board, other than the tax expenditures entitled "Water'
s Edge Election" and "Depreciation Amounts Beyond Economic
Depreciation."  
   (4) "Taxes payable" means taxes imposed under Part 11 (commencing
with Section 23001), reduced by any credit allowable under any
provision of Chapter 3.5 (commencing with Section 23604) of Part 11,
including the carryover of any credit under a former provision of
that chapter, that are allowed to reduce the "tax," within the
meaning of Section 23036, for that taxable year.