Income taxes: exclusion: qualified small business stock.

The Personal Income Tax Law, in modified conformity with federal law, provides various exclusions from gross income in computing tax liability. This bill would, in modified conformity with federal income tax law, provide that gross income does not include 50% of any gain from the sale or exchange of qualified small business stock, as defined, held for more than 5 years, as provided. This bill would declare that the retroactive application of this provision serves a public purpose. This bill would make an appropriation from the General Fund of an amount sufficient to make the refunds required pursuant to the changes in law made by this act, including by providing for the waiver of interest and penalties. This bill would declare that it is to take effect immediately as an urgency statute.