Bill Text: CA SB458 | 2015-2016 | Regular Session | Introduced

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Bill Title: Insurance taxation: credit: College Access Tax Credit

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2016-02-01 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB458 Detail]

Download: California-2015-SB458-Introduced.html

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BILL NUMBER: SB 458	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Gaines

                        FEBRUARY 25, 2015

   An act to add and repeal Section 12207 of the Revenue and Taxation
Code, relating to taxation, to take effect immediately, tax levy.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 458, as introduced, Gaines. Insurance taxation: credit: College
Access Tax Credit Fund.
   Existing law imposes an annual tax on the gross premiums of an
insurer, as defined, doing business in this state at specified rates.

   This bill, for taxable years beginning on or after January 1,
2015, and before January 1, 2017, would allow a credit equal to a
certain percentage of a contribution to the College Access Tax Credit
Fund, as provided. The bill would specify that the aggregate amount
of credit that may be allocated under this provision shall not exceed
an unspecified sum for each calendar year, as specified, and would
require the California Educational Facilities Authority to perform
certain duties with regard to allocating and certifying the tax
credits allowed under this provision.
   This bill would take effect immediately as a tax levy.
   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 12207 is added to the Revenue and Taxation
Code, to read:
   12207.  (a) (1) For each taxable year beginning on or after
January 1, 2015, and before January 1, 2017, there shall be allowed
as a credit against the "tax," as described in Section 12202 or
12231, an amount equal to the following:
   (A) For taxable years beginning on and after January 1, 2015, and
before January 1, 2016, 55 percent of the amount contributed by the
taxpayer for that taxable year to the College Access Tax Credit Fund,
as allocated and certified by the California Educational Facilities
Authority.
   (B) For taxable years beginning on and after January 1, 2016, and
before January 1, 2017, 50 percent of the amount contributed by the
taxpayer for that taxable year to the College Access Tax Credit Fund,
as allocated and certified by the California Educational Facilities
Authority.
   (2) Contributions shall be made only in cash.
   (b) (1) The aggregate amount of credit that may be allocated and
certified pursuant to this section shall be an amount equal to the
sum of all of the following:
   (A) ____ dollars ($____) for the 2015 calendar year and each
calendar year thereafter.
   (B) The amount of previously unallocated and uncertified credits.
   (2) (A) For purposes of this section, the California Educational
Facilities Authority shall do all of the following:
   (i) On or after the effective date of the act adding this section
and before January 1, 2017, allocate and certify tax credits to
taxpayers under this section.
   (ii) Establish a procedure for taxpayers to contribute to the
College Access Tax Credit Fund and to obtain from the California
Educational Facilities Authority a certification for the credit
allowed by this section. The procedure shall require the California
Educational Facilities Authority to certify the contribution amount
eligible for credit within 45 days following receipt of the
contribution.
   (iii) Provide to the Franchise Tax Board a copy of each credit
certificate issued for the calendar year by March 1 of the calendar
year immediately following the year in which those certificates are
issued.
   (B) (i) The California Educational Facilities Authority shall
adopt any regulations necessary to implement this paragraph.
   (ii) Chapter 3.5 (commencing with Section 11340) of Part 1 of
Division 3 of Title 2 of the Government Code does not apply to any
regulation adopted by the California Educational Facilities Authority
pursuant to clause (i).
   (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 five years if necessary, until the
credit is exhausted.
   (d) This section shall remain in effect only until December 1,
2017, and as of that date is repealed.
  SEC. 2.  This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.