Income taxes: credit: capital gain: sale of qualified vacant site.

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 tax expenditure, including tax credits, to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2021, and before January 1, 2033, to a taxpayer that sells a qualified vacant site in an amount equal to 50% of the tax attributable to a capital gain from the sale of a qualified vacant site in the taxable year that it is sold and 50% of the tax imposed on a capital gain from the sale of a qualified vacant site in the taxable year that the construction process begins on the qualified vacant site, as specified. The bill would require a county assessor to provide a report, upon request, to a taxpayer or the Franchise Tax Board relating to use of the qualified vacant site. The bill would also include additional information required for any bill authorizing a new tax expenditure. By imposing additional duties upon county assessors, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above. This bill would take effect immediately as a tax levy.