Income taxes: credits: designated wildfire zones.

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 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 on or after January 1, 2023, and before January 1, 2028, in an amount that is equal to 50% of the amount incurred, subject to specified limitations, by a natural person or a small business, as defined, during the taxable year for the purchase of a backup electricity generator or a solar battery for use in a residence or commercial property in a designated wildfire zone, as defined. The bill would define "backup electricity generator" to mean a standby or portable device that can generate at least 10 kilowatts, is designed and manufactured exclusively for the purpose of generating electricity, and complies with applicable air quality standards promulgated by the State Air Resources Board. The bill would provide that the credit is only operative for taxable years for which an appropriation is made for its purposes in the annual Budget Act or other statute. The bill would also include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.