Income and corporate taxes: credits: winter-flooded rice.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. Existing law requires any bill authorizing a new income tax credit to contain, among other things, specific goals, purposes, and objectives that the tax credit will achieve, detailed performance indicators, and data collection requirements, as provided. This bill, for taxable years beginning on or after January 1, 2018, and before January 1, 2022, would allow as a credit against those taxes an amount equal to 40% of costs paid or incurred by a qualified taxpayer to maintain winter-flooded rice. The bill would require the qualified taxpayer to submit, among other things, evidence of costs paid or incurred to the Department of Food and Agriculture for certification and for the Department of Food and Agriculture to provide a copy of each credit certificate to the taxpayer and, upon request, to the Franchise Tax Board. The bill would also include the additional information required for any bill authorizing a new income tax credit. This bill would take effect immediately as a tax levy.