Taxation: cafeteria plans: credits.

The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws. This bill would authorize a credit against those taxes for each taxable year beginning on or after January 1, 2009, and before January 1, 2014, in an amount equal to 15% of the amount of administrative costs paid or incurred by a qualified taxpayer during the taxable year in connection with establishing or administering a qualified cafeteria plan that provides for the payment of health insurance premiums of the taxpayer's employees, as defined. This bill would also require the Franchise Tax Board to report to the Legislature, as provided. This bill would take effect immediately as a tax levy.