Bill Text: CA SB388 | 2017-2018 | Regular Session | Introduced

California Senate Bill 388 (Prior Session Legislation)

Introduced

Bill Title: Taxation: federal conformity: tax holiday.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2018-02-01 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB388 Detail]

Download: California-2017-SB388-Introduced.html

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Senate Bill

No. 388

Introduced by Senator Morrell

February 14, 2017

An act relating to taxation.

LEGISLATIVE COUNSEL'S DIGEST

SB 388, as introduced, Morrell. Taxation: federal conformity: tax holiday.

The Personal Income Tax Law and the Corporation Tax Law impose taxes upon taxable income, as specified, and allow various exclusions and deductions in conformity or modified conformity with federal income tax laws, in computing the income that is subject to the taxes imposed by those laws.

This bill would state the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from the moneys repatriated into the state during the same period.

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, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from moneys repatriated into the state during the same period.