Income taxes: credit: trade infrastructure investment: import-export cargo.

The Personal Income Tax Law and the Corporation Tax Law authorizes various credits against the taxes imposed by those laws. This bill would, subject to a subsequent act authorizing a total amount of credit, authorize credits against those taxes for each taxable year beginning on or after January 1, 2011, and before January 1, 2021, with the first credit in an amount not to exceed 5% of the amount paid or incurred during the taxable year for capital costs of a project relating to port or harbor activity, as provided, and the 2nd credit in an amount not to exceed the product of $5 and the number of tons of additional qualified cargo, as provided. This bill would require the Legislative Analyst to evaluate the effectiveness of this tax credit, as provided. This bill would require the Franchise Tax Board to estimate the economic impacts of the allowance of these tax credits, and to certify qualifying projects and qualified cargo only if it determines that there would be sufficient revenues received by the state as a result of the economic impacts of these projects and cargo, to offset the costs to the state of providing the tax credits.