Income and corporate taxes: credits: enterprise zones.

The Enterprise Zone Act provides for the designation by the Department of Housing and Community Development of enterprise zones, pursuant to which certain entities may receive regulatory, tax, and other incentives for private investment and employment. The Personal Income Tax Law and the Corporation Tax Law allow a taxpayer to claim certain tax incentives, including credits, for activities conducted in an enterprise zone. This bill would state the intent of the Legislature to enact legislation to revise the enterprise zone credit system to allow a taxpayer authorized to claim those credits to apply the aggregate value of all enterprise zone-related income tax credits toward the taxpayer's tax liability.