Personal and corporate income taxes: deductions: parking: credits: ridesharing expenses.

The Personal Income Tax Law and the Corporation Tax Law allow various deductions in computing the income that is subject to the taxes imposed by those laws. Existing law allows an employer to deduct its expenses in carrying out a parking subsidy and a parking cash-out program, as defined, for employees. This bill would disallow a deduction for expenses of specified employers for parking subsidies unless all employees provided with a parking subsidy are offered a parking cash-out program in accordance with a specified statute. The Personal Income Tax Law and Corporation Tax Law authorize various credits against the taxes imposed by those laws. This bill would authorize a credit under both those laws, for taxable years beginning on or after January 1, 2009, in an amount not to exceed specified amounts for qualified commute reduction expenditures, as defined, for specified small business taxpayers. This bill would take effect immediately as a tax levy.