Sales and use taxes: rate: income taxes: dependent credit: income tax administration.

The Sales and Use Tax Law imposes a state sales and use tax on retailers and on the storage, use, or other consumption of tangible personal property in this state at the rate of 614%, plus, from April 11, 2009 to July 1, 2011, an additional 1%, of the gross receipts from the retail sale of tangible personal property in this state and of the sales price of tangible personal property purchased from any retailer for storage, use, or other consumption in this state. This bill would repeal the additional 1% state sales and use tax rate on the first day of the first calendar quarter commencing more than 90 days after the effective date of this bill. The Personal Income Tax Law imposes taxes based upon taxable income. That law also allows credits for personal exemptions, and imposes an alternative minimum tax, as specified. That law, for taxable years beginning on or after January 1, 2009, and until January 1, 2011, decreases the amount allowable as a credit for personal exemption for dependents, and for taxable years beginning on and after January 1, 2009, and before January 1, 2011, increases the tax rate applicable to taxable income, and increases the alternative minimum tax rate, as provided. This bill would repeal the provision decreasing the amount allowable as a credit for personal exemption for dependents on January 1, 2010. This bill would repeal the provisions increasing the tax rate applicable to taxable income, and increasing the alternative minimum tax rate, for taxable years beginning on or after January 1, 2010. This bill would declare that it is to take effect immediately as an urgency statute.