Income taxes: business tax credits: reporting information and penalty.

The Personal Income Tax Law and the Corporation Tax Law authorize various credits with respect to the taxes imposed by those laws. This bill would, with respect to any business tax credit, as defined, enacted after the effective date of this bill, require a qualified taxpayer, as defined, that claims a business tax credit and that has a specified net decrease in its employees in this state to pay a penalty, as specified. This bill would also require a qualified taxpayer to submit to the Franchise Tax Board on the original return specified information, including the number of annual full-time equivalent employees employed by the qualified taxpayer in the state in the current and previous year, as provided. The bill would impose a penalty if that information is not provided.