Income taxation: exclusion: grants for specified energy property.

The Personal Income Tax Law and the Corporation Tax Law provide various exclusions from gross income that is subject to tax imposed by those laws. This bill would provide under those laws that gross income does not include any grant to the taxpayer who places in service specified energy property in accordance with the federal American Recovery and Reinvestment Tax Act of 2009, but would require that the amount of any grant be used to adjust the basis of the property in accordance with specified requirements. This bill would make a legislative finding and declaration as to the public purpose served by the bill. This bill would take effect immediately as a tax levy.