Corporation Tax Law: Personal Income Tax Law: credits: green energy: manufacturing.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill would, for taxable years beginning on or after January 1, 2023, and before January 1, 2028, allow a credit against those taxes in an amount equal to 10% of the amount paid or incurred by a taxpayer during the taxable year for eligible manufacturing costs, except as otherwise specified. The bill would define "eligible manufacturing costs" to mean the cost of newly installed tangible personal property used in green energy products, as defined. The bill would make these provisions operative only for taxable years in which resources are authorized for its purposes in the annual Budget Act or other statute. Existing law requires any bill authorizing a new 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. This bill would include additional information required for any bill authorizing a new income tax credit. This bill would take effect immediately as a tax levy.