Bill Text: CA SB972 | 2019-2020 | Regular Session | Enrolled
Bill Title: Corporation taxes: disclosure.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Vetoed) 2020-09-29 - In Senate. Consideration of Governor's veto pending. [SB972 Detail]
Download: California-2019-SB972-Enrolled.html
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Enrolled
September 04, 2020 |
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Passed
IN
Senate
August 30, 2020 |
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Passed
IN
Assembly
August 26, 2020 |
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Amended
IN
Assembly
July 28, 2020 |
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Amended
IN
Senate
June 15, 2020 |
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Amended
IN
Senate
May 29, 2020 |
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Amended
IN
Senate
March 25, 2020 |
CALIFORNIA LEGISLATURE—
2019–2020 REGULAR SESSION
Senate Bill
No. 972
| Introduced by Senator Skinner |
February 11, 2020 |
An act to add Section 19571.5 to the Revenue and Taxation Code, relating to taxation.
LEGISLATIVE COUNSEL'S DIGEST
SB 972, Skinner.
Corporation taxes: disclosure.
The Corporation Tax Law imposes a corporate franchise tax according to or measured by net income computed at a specified rate upon the basis of the net income for that taxable year, or a corporation income tax at a specified rate upon net income derived from sources within this state for that taxable year, on every corporation, except as provided. Existing law provides that it is a misdemeanor for the Franchise Tax Board or specified state employees to disclose or make known any information in a return, report, or document filed under income tax laws, but authorizes the Franchise Tax Board to disclose this information for specified purposes.
This bill would, on or before April 1, 2021, and on and before each April 1 thereafter, require the Franchise Tax Board to compile a list of all taxpayers subject to tax under the Corporation Tax Law, with
gross receipts of $5,000,000,000 or more, as measured by gross receipts, less returns and allowances, for the taxable year reported on a return in the previous calendar year. The bill would require the list to include the name and tax liability of each taxpayer, the taxable year for which the return is filed, the total gross receipts for that taxable year, and the amount and types of credits claimed for that taxable year. The bill would require the Franchise Tax Board to provide the information to specified committees of
the Legislature by May 1, 2021, and each May 1 thereafter, in a list that includes specified information.
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 19571.5 is added to the Revenue and Taxation Code, to read:19571.5.
(a) (1) Notwithstanding any other law, on or before April 1, 2021, and on or before each April 1 thereafter, the Franchise Tax Board shall compile a list of all taxpayers subject to tax under Part 11 (commencing with Section 23001), with gross receipts of five billion dollars ($5,000,000,000) or more, as measured by gross receipts, less returns and allowances, for the taxable year reported on a return in the previous calendar year. The list shall include the name and tax liability of each taxpayer, the taxable year for which the return is filed, the total gross receipts for that taxable year, and the amount and types of credits claimed for that taxable year.(2) In the case of a taxpayer that is included in a combined report, the determination to include that taxpayer on a list shall be based on the gross receipts, less returns and allowances, of the combined reporting group.
(b) For purposes of this section:
(1) “Credits claimed” means the amount of credits allowed under Part 11 (commencing with Section 23001) that are applied on the return for the taxable year used to offset the tax liability.
(2) “Tax liability” means the amount of tax owed, in a taxable year, as a result of the taxes imposed under Part 11 (commencing with Section 23001), and excluding overpayments, estimated tax
payments, withholdings, and any other amounts paid.
(3) “Gross receipts” shall have the same meaning as set forth in Section 25120.
(c) The Franchise Tax Board shall provide this information to the Assembly Committee on Revenue and Taxation and the Senate Committee on Governance and Finance by May 1, 2021, and each May 1 thereafter, in a list that includes all of the following:
(1) The taxpayer’s name listed on the tax return.
(2) The amount of tax liability of the taxpayer for the taxable year reported on a return in the previous calendar year.
(3) The total amount and types of credits claimed by the taxpayer for the taxable year reported on a return in the previous calendar year.
