Taxation: limited partnerships: income tax: dependent exemption credit: corporation tax apportionment.

(1) The Personal Income Tax Law and the Corporation Tax Law impose various taxes, and provide for various credits and penalties and for apportionment of income. This bill would make technical, nonsubstantive changes to provisions of personal and corporation income tax laws relating to penalties, dependent exemption credit, and apportionment of income. (2) Existing law sets forth rules of organization and governance for limited partnerships. Current law allows a canceled domestic limited partnership to revive by accompanying a certificate of revival, filed with the Secretary of State, with specified information confirmed by the Franchise Tax Board, including confirmation that all taxes owed by the partnership have been paid to the Franchise Tax Board. This bill would require the partnership, on or after January 1, 2010, to accompany the certificate of revival with written confirmation, obtained from the Franchise Tax Board, that all required tax returns have been filed by the partnership. This bill would further authorize the Franchise Tax Board to assess a specialized tax service fee of $100 for a limited partnership revival confirmation letter request, until January 1, 2011, after which the amount of the fee would be set by regulation. Existing income tax laws require specified individuals to pay estimated income taxes in installments and impose additional liability for underpayments. This bill would adjust the amount of those installments under specified circumstances.