Franchise Tax Board: tax expenditure reporting.

Existing law authorizes the Franchise Tax Board, as part of its administrative duties with respect to the collection of taxes, to furnish specified taxpayer information. Existing law generally provides that all taxpayer information obtained by the board is to remain confidential. Existing law provides exceptions to this general requirement. This bill would, notwithstanding existing law, require the Franchise Tax Board to annually compile specified information relating to a publicly traded corporation receiving credits of $20,000 or more, allowed from corporate tax expenditures, as provided. The bill would require the board to include the information in the California Income Tax Expenditure Report and on the state Reporting Transparency in Government Internet Web site.