Bill Text: CA AB2700 | 2017-2018 | Regular Session | Introduced

California Assembly Bill 2700 (Prior Session Legislation)

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

Bill Title: Income taxes: credits: job development.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2018-05-25 - In committee: Held under submission. [AB2700 Detail]

Download: California-2017-AB2700-Introduced.html

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill

No. 2700

Introduced by Assembly Members Burke and Low

February 15, 2018

An act to amend Section 38.9 of the Revenue and Taxation Code, relating to taxation.

LEGISLATIVE COUNSEL'S DIGEST

AB 2700, as introduced, Burke. Income taxes: credit: qualified motion pictures: report.

On or before July 1, 2019, existing law requires the Legislative Analyst’s Office to provide the public and specified legislative committees with a report evaluating the economic effects and administration of the qualified motion picture credit under the Sales and Use Tax Law, the Personal Income Tax Law, and the Corporation Tax Law, as specified.

This bill would instead require that report to be provided on or before January 1, 2020.

Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO

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

SECTION 1.

Section 38.9 of the Revenue and Taxation Code is amended to read:

38.9.

(a) On or before ~~July 1, 2019,~~ January 1, 2020, the Legislative Analyst’s Office shall provide to the Assembly Committee on Revenue and Taxation, the Senate Committee on Governance and Finance, and the public a report evaluating the economic effects and administration of the tax credits allowed pursuant to Sections 6902.5, as amended by ~~the act adding this section,~~ Chapter 413 of the Statutes of 2014, 17053.95, and 23695. In researching the ~~reports,~~ report, the Legislative Analyst’s Office may do all of the following:

(1) Request and receive all information provided to the California Film Commission pursuant to subdivision (g) of Sections 17053.95 and 23695.

(2) Request and receive all information provided to the Franchise Tax Board relating to the sale or assignment of credits pursuant to subdivision (c) of Sections 17053.95 and 23695.

(3) Request and receive all information provided to the board pursuant to subdivisions (c) and (g) of Section 6902.5, as amended by ~~the act adding this section.~~ Chapter 413 of the Statutes of 2014.

(b) The California Film Commission, the board, the Franchise Tax Board, the Employment Development Department, and all other relevant state agencies shall provide additional information, as specified by the Legislative Analyst’s Office, as needed to research the ~~reports~~ report required by this section.

(c) (1) The information received by the Legislative Analyst’s Office pursuant to this section shall be considered confidential taxpayer information subject to Sections 7056, 7056.5, and 19542 of this code and Section 1094 of the Unemployment Insurance Code, and shall be subject to the appropriate confidentiality requirements of the participating state agency.

(2) The Legislative Analyst’s Office may publish statistics in conjunction with the ~~reports~~ report required by this section that are derived from information provided to the Legislative Analyst’s Office pursuant to this section, if the published statistics are classified to prevent the identification of particular taxpayers, reports, and tax returns and the publication of the percentage of dividends paid by a corporation that is deductible by the recipient under Part 11 (commencing with Section 23001) of Division 2.