The Personal Income Tax Law and the Corporation Tax Law, by reference to a specified federal statute, allow a credit against taxes imposed by those laws for increasing research expenses, as defined. In general, the amount of the credit under both laws is equal to 15% of the excess of the qualified research expenses, as defined, for the taxable year over the base amount, as defined, and, in addition, for purposes of the Corporation Tax Law, 24% of the basic research payments, as defined. The term "base amount" means the product of the average annual gross receipts of the taxpayer for each of the specified years preceding the taxable year and the fixed-base percentage, as defined, but in no event less than 50% of the qualified research expenses for the taxable year. A taxpayer may elect an alternative incremental credit for increasing research expenses in modified conformity to federal income tax laws. This bill would increase the credit for increasing research expenses to 20% of the excess of the qualified research expenses. This bill would also provide complete conformity to the alternative incremental credit provided under those federal income tax laws. The California Constitution authorizes the Governor to declare a fiscal emergency and to call the Legislature into special session for that purpose. The Governor issued a proclamation declaring a fiscal emergency, and calling a special session for this purpose, on January 8, 2010. This bill would state that it addresses the fiscal emergency declared by the Governor by proclamation issued on January 8, 2010, pursuant to the California Constitution. This bill would take effect immediately as a tax levy.
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(1) The California Global Warming Solutions Act of 2006 designates the State Air Resources Board as the state agency charged with monitoring and regulating sources of emissions of greenhouse gases. The state board is required to adopt a statewide greenhouse gas emissions limit equivalent to the statewide greenhouse gas emissions level in 1990 to be achieved by 2020, and to adopt rules and regulations in an open public process to achieve the maximum technologically feasible and cost-effective greenhouse gas emission reductions. The state board is authorized to adopt market-based compliance mechanisms, as defined, meeting specified requirements to be used for compliance with those regulations. This bill would prohibit the state board from implementing a market-based compliance mechanism that includes caps on greenhouse gas emissions and trading among participants unless it is a part of a legally enforceable regional or federal program. (2) The California Constitution authorizes the Governor to declare a fiscal emergency and to call the Legislature into special session for that purpose. The Governor issued a proclamation declaring a fiscal emergency, and calling a special session for this purpose, on January 8, 2010. This bill would state that it addresses the fiscal emergency declared by the Governor by proclamation issued on January 8, 2010, pursuant to the California Constitution.
The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws, including a credit for an increase in qualified employees of a qualified employer. This bill would, under both laws, for taxable years beginning on and after January 1, 2010, allow a credit in an amount equal to 25% of the wages, not to exceed $6,000, paid to each qualified veteran, as defined, by the taxpayer during the taxable year. The California Constitution authorizes the Governor to declare a fiscal emergency and to call the Legislature into special session for that purpose. The Governor issued a proclamation declaring a fiscal emergency, and calling a special session for this purpose, on January 8, 2010. This bill would state that it addresses the fiscal emergency declared by the Governor by proclamation issued on January 8, 2010, pursuant to the California Constitution. This bill would take effect immediately as a tax levy.
The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws, including a hiring credit for qualified taxpayers who hire qualified employees, as defined, within enterprise zones, Manufacturing Enhancement Areas, targeted tax areas, and LAMBRAS, subject to specified criteria. This bill would, for taxable years beginning on or after January 1, 2010, authorize a hiring credit under those respective laws for qualified taxpayers who hire qualified employees, as defined. The California Constitution authorizes the Governor to declare a fiscal emergency and to call the Legislature into special session for that purpose. The Governor issued a proclamation declaring a fiscal emergency, and calling a special session for this purpose, on January 8, 2010. This bill would state that it addresses the fiscal emergency declared by the Governor by proclamation issued on January 8, 2010, pursuant to the California Constitution. This bill would take effect immediately as a tax levy.
(1) The California Constitution authorizes the Legislature to provide that a person who is either severely disabled or over the age of 55 years may transfer the base year value, as defined, of property that is eligible for the homeowners' property tax exemption to a replacement dwelling that is of equal or lesser value located within the same county as the property from which the base year value is transferred, provided the replacement dwelling is purchased or newly constructed within 2 years of the sale of the original property, subject to certain conditions. This bill would provide that the base year value of an original property may be transferred to a replacement dwelling that is of greater value, and would require the base year value of the replacement dwelling to be calculated by adding the difference between the full cash value of the original property and the full cash value of the replacement property to the base year value of the original property. This bill would extend the period of time during which a severely disabled person or a person over 55 years of age has to purchase or construct a replacement dwelling, in order to qualify for the transfer, from 2 years to 3 years of the sale of the original property. (2) Existing law defines "full cash value of the replacement dwelling" for purposes of this property tax relief to mean the replacement dwelling's full cash value, determined in accordance with a specified provision, as of the date on which the replacement dwelling was purchased or new construction was completed. This bill would provide that full cash value of the replacement dwelling may also mean, in specified circumstances, the fair market value of the replacement dwelling, determined in accordance with a specified provision, as of the date on which the original property is sold.  (3) By changing the manner in which local assessors assess property for property taxation purposes, 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 these statutory provisions. (4) Section 2229 of the Revenue and Taxation Code requires the Legislature to reimburse local agencies annually for certain property tax revenues lost as a result of any exemption or classification of property for purposes of ad valorem property taxation. This bill would provide that, notwithstanding Section 2229 of the Revenue and Taxation Code, no appropriation is made and the state shall not reimburse local agencies for property tax revenues lost by them pursuant to the bill. (5) This bill would take effect immediately as a tax levy, but would become operative only if Senate Constitutional Amendment 11 of the 2009–10 Regular Session is approved by the voters.
Existing law requires a person desiring to vote at a polling place to announce his or her name and address to a precinct board member and to write this information on the roster of voters. This bill would also require the person to present proof of his or her identity to a member of the precinct board before receiving a ballot. The bill would require the proof of identity to contain the person's name and photograph, to be either unexpired or expired after the last general election, and to be issued by the United States, the State of California, or a tribal government. The bill would permit a voter who is unable to present proof of identity to cast a provisional ballot and would require the voter to provide identification to the county registrar of voters within 5 business days of voting. The bill, by requiring county elections officials to perform new duties, 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 these statutory provisions.
The Personal Income Tax Law and the Corporation Tax Law provide that gain or loss upon the disposition of a capital asset is determined by reference to the adjusted basis of that asset. This bill would, for taxable years beginning on or after January 1, 2012, and before January 1, 2015, provide that gross income does not include 50% of any net capital gain, as defined, from the sale or exchange of a capital asset, as defined, that is held for more than 3 years, as specified. This bill would take effect immediately as a tax levy.
The Personal Income Tax Law authorizes various deductions in computing income that is subject to tax under that law. This bill would allow a deduction in connection with health savings accounts in conformity with federal law for each tax year beginning on or after January 1, 2009. In general, the deduction would be an amount equal to the aggregate amount paid in cash during the taxable year by, or on behalf of, an eligible individual, as defined, to a health savings account of that individual, as provided. This bill would also provide related conformity to that federal law for each tax year beginning on or after January 1, 2009, with respect to treatment of the account as a tax-exempt trust, the allowance of rollovers from Archer Medical Savings Accounts, health flexible spending arrangements, or health reimbursement accounts to a health savings account, and penalties in connection therewith. This bill would take effect immediately as a tax levy.
Existing law establishes the public elementary and secondary education system in this state, which, as administered by school districts throughout the state, offers instruction in kindergarten and grades 1 to 12, inclusive. Existing law also establishes the University of California, under the administration of the Regents of the University of California, and the California State University, under the administration of the Trustees of the California State University, as 2 of the segments of public postsecondary education in this state. This bill would express the intent of the Legislature to hold the public elementary and secondary education system responsible for adequately preparing its pupils and that graduates of the public elementary and secondary education system should be prepared to enroll at a campus of the University of California or the California State University without the need to take remedial education courses.
Existing law, the Capital Access Company Law, provides for the licensure and regulation by the Commissioner of Corporations of capital access companies to enable those entities to provide risk capital and management assistance to small businesses in the state, exempt from the requirements of the federal Investment Company Act of 1940. A violation of the Capital Access Company Law may be punishable as a crime or by the imposition of civil penalties, as specified. This bill would repeal and recast the provisions of the Capital Access Company Law. The bill would require the commissioner to administer and enforce the Capital Access Company Law. The bill would establish procedures for the licensure of applicants to operate as a capital access company, including requiring the commissioner to determine whether an applicant meets specified requirements before issuing a license. The bill would authorize the commissioner to issue regulations and orders in administering the Capital Access Company Law. The bill would prohibit a person from acquiring control of a licensee without the prior approval of the commissioner. The bill would require the establishment of a capital access company advisory council, as specified, which would be required to adopt rules and regulations relative to the licensure and regulation of capital access companies. The bill would also establish unspecified fees to be paid to the commissioner when, among other things, an application is filed with the commissioner or when a licensee or any affiliate of a licensee is examined. This bill would declare that it is to take effect immediately as an urgency statute.