State Infrastructure Projects Fund.

The Personal Income Tax Law and the Corporation Tax Law impose taxes upon income, including income generated from any gain from the sale or exchange of a capital asset. Existing law requires state and local governments to carry out specific duties related to the infrastructure of the state, including, but not limited to, transportation and rail projects. This bill would require the Department of Finance, in consultation with the Franchise Tax Board and the Employment Development Department, on specified dates, to estimate the amount of revenues derived from income taxes imposed on income generated as a result of capital gains related to the Facebook, Inc. initial public offering, as provided, and would direct the Controller to transfer an amount equal to the total estimated amount from the General Fund to the State Infrastructure Projects Fund, a fund that would be created by the bill. This bill would allocate the moneys in the State Infrastructure Projects Fund, upon appropriation by the Legislature, for various infrastructure projects, as provided.