Bill Text: CA AB2700 | 2017-2018 | Regular Session | Amended
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-Amended.html
Amended
IN
Assembly
May 07, 2018 |
Amended
IN
Assembly
March 21, 2018 |
Assembly Bill | No. 2700 |
Introduced by Assembly Members Burke and Low |
February 15, 2018 |
LEGISLATIVE COUNSEL'S DIGEST
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 17053.75 is added to the Revenue and Taxation Code, to read:17053.75.
(a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2028, there shall be allowed to a qualified taxpayer a credit against the “net tax,” as defined in Section 17039, in an amount equal to 30 percent of the costs paid or incurred by the qualified taxpayer during the taxable year for qualified expenditures.SEC. 2.
Section 17053.76 is added to the Revenue and Taxation Code, to read:17053.76.
(a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2028, there shall be allowed to a qualified taxpayer a credit against the “net tax,” as defined in Section 17039, in an amount equal to 15 percent of the costs paid or incurred by the qualified taxpayer during the taxable year for qualified expenditures.SEC. 3.
Section 23675 is added to the Revenue and Taxation Code, to read:23675.
(a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2028, there shall be allowed to a qualified taxpayer a credit against the “tax,” as defined in Section 23036, in an amount equal to 30 percent of the costs paid or incurred by the qualified taxpayer during the taxable year for qualified expenditures.SEC. 4.
Section 23676 is added to the Revenue and Taxation Code, to read:23676.
(a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2028, there shall be allowed to a qualified taxpayer a credit against the “tax,” as defined in Section 23036, in an amount equal to 15 percent of the costs paid or incurred by the qualified taxpayer during the taxable year for qualified expenditures.SEC. 5.
It is the intent of the Legislature to comply with Section 41 of the Revenue and Taxation Code.SEC. 6.
This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.(a)For each taxable year beginning on or after January 1, 2019, there shall be allowed to a qualified taxpayer a credit against the “net tax,” as defined in Section 17039, in an amount equal to ____ percent of the costs paid or incurred by the qualified taxpayer during the taxable year for employee development.
(b)For purposes of this section, “qualified taxpayer” means a person or entity engaged in a trade or business within the state.
(c)In the case in which 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 the succeeding six years if necessary, until the credit is exhausted.
(d)Section 41 shall not apply to the credit allowed by this section.
(a)For each taxable year beginning on or after January 1, 2019, there shall be allowed to a qualified taxpayer a credit against the “tax,” as defined in Section 23036, in an amount equal to ____ percent of the costs paid or incurred by the qualified taxpayer during the taxable year for employee development.
(b)For purposes of this section, “qualified taxpayer” means a corporation engaged in a trade or business within the state.
(c)In the case in which the credit allowed by this section exceeds the “tax,” the excess may be carried over to reduce the “tax” in the following year, and the succeeding six years if necessary, until the credit is exhausted.
(d)Section 41 shall not apply to the credit allowed by this section.
This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.