Bill Text: CA SB463 | 2009-2010 | Regular Session | Introduced

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

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Bill Title: Income and corporation tax credits: renewable energy

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-02-01 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB463 Detail]

Download: California-2009-SB463-Introduced.html

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BILL NUMBER: SB 463	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Strickland

                        FEBRUARY 26, 2009

   An act to add and repeal Sections 17053.110 and 23601.110 of the
Revenue and Taxation Code, relating to taxation, to take effect
immediately, tax levy.



	LEGISLATIVE COUNSEL'S DIGEST


   SB 463, as introduced, Strickland. Income and corporation tax
credits: renewable energy projects.
   The Personal Income Tax Law and the Corporation Tax Law authorize
various credits against the taxes imposed by those laws.
   This bill would, under both laws, for taxable years beginning on
or after January 1, 2009, and before January 1, 2017, allow a credit
for all taxable years in an amount, not to exceed $3,000, equal to
30% of the costs paid or incurred for the purchase and installation
of renewable energy resources or renewable energy resources
conversion technology projects, as provided.
   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 17053.110 is added to the Revenue and Taxation
Code, to read:
   17053.110.  (a) For taxable years beginning on or after January 1,
2009, and before January 1, 2017, there shall be allowed as a credit
against the "net tax," as defined by Section 17039, an amount equal
to 30 percent of the costs paid or incurred by the taxpayer during
the taxable year for the purchase and installation of a renewable
energy resource project or a renewable energy resource conversion
technology project if either type of project is installed on property
owned or leased by the taxpayer and reduces the taxpayer's energy
usage from the energy grid.
   (b) The credit allowed by this section for all taxable years shall
not exceed three thousand dollars ($3,000) per taxpayer.
   (c) In the case where 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 succeeding 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.  Section 23601.110 is added to the Revenue and Taxation
Code, to read:
   23601.110.  (a) For taxable years beginning on or after January 1,
2009, and before January 1, 2017, there shall be allowed as a credit
against the "tax," as defined by Section 23036, an amount equal to
30 percent of the costs paid or incurred by the taxpayer during the
taxable year for the purchase and installation of a renewable energy
resource project or a renewable energy resource conversion technology
project if either type of project is installed on property owned or
leased by the taxpayer and reduces the taxpayer's energy usage from
the energy grid.
   (b) The credit allowed by this section for all taxable years shall
not exceed three thousand dollars ($3,000) per taxpayer.
   (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 years if necessary, until the credit
is exhausted.
   (d) This section shall remain in effect only until December 1,
2017, and as of that dated is repealed.
  SEC. 3.  This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.