Bill Text: CA AB2656 | 2011-2012 | Regular Session | Amended
Bill Title: California Transportation Financing Authority: tax
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-08-16 - In committee: Set, second hearing. Held under submission. [AB2656 Detail]
Download: California-2011-AB2656-Amended.html
BILL NUMBER: AB 2656 AMENDED
BILL TEXT
AMENDED IN ASSEMBLY MAY 16, 2012
AMENDED IN ASSEMBLY MAY 7, 2012
AMENDED IN ASSEMBLY APRIL 11, 2012
INTRODUCED BY Assembly Member Charles Calderon
FEBRUARY 24, 2012
An act to add and repeal Division 4 (commencing with Section
64140) of Title 6.7 of the Government Code, and to add and repeal
Sections 17053.60, 17053.65, 17053.66, 23660, 23665, and 23666 of the
Revenue and Taxation Code, relating to taxation, to take effect
immediately, tax levy.
LEGISLATIVE COUNSEL'S DIGEST
AB 2656, as amended, Charles Calderon. California Transportation
Financing Authority: tax credit certificates for exporters and
importers: income tax credit.
Existing law creates the California Transportation Financing
Authority, with various powers and duties relative to the financing
of transportation projects.
This bill would authorize the authority to award tax credit
certificates to exporters and importers, as defined, that demonstrate
to the satisfaction of the authority that, during the taxable year,
they have increased their cargo tonnage or value through California
ports and airports by specified amounts or had a net increase in
qualified full-time employees hired in California or have incurred
capital costs for a cargo facility in California. The bill would
authorize $500 million in tax credit certificates to be awarded by
the authority for taxable years beginning on or after January 1,
2013, and before January 1, 2018, as provided. The bill would
authorize the authority to impose fees to cover its costs in that
regard, with fees to be deposited in the Job and Trade
Competitiveness Fee Account, which the bill would create in the State
Treasury. The bill would authorize the authority to borrow money
until the time that sufficient fee revenue is available, with loans
made to the authority to be repayable solely from revenues in the
account.
The bill would make legislative findings and declarations.
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, 2013, and before January 1, 2018, allow a credit or credits
in an aggregate amount not to exceed $250,000 for a taxable
year against the taxes imposed by those laws if a taxpayer receives a
tax credit certificate or tax certificates from
the authority.
This bill would take effect immediately as a tax levy.
Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Division 4 (commencing with Section 64140) is added to
Title 6.7 of the Government Code, to read:
DIVISION 4. JOB AND TRADE COMPETITIVENESS ACT
64140. (a) The Legislature finds and declares all of the
following:
(1) California is the international trade leader of the United
States as the gateway to the dynamic economies of the Pacific Rim.
International trade is one of the most important economic and job
creation drivers of the state and a key to the state's economic
recovery. Together, the three California customs districts of Los
Angeles, San Diego, and San Francisco led the nation by processing
approximately $500 billion in two-way trade value in 2010. The
combined California ports of Los Angeles, Long Beach, and Oakland are
the busiest seaports in the nation, handling approximately 45
percent of all the waterborne containerized cargo coming into the
United States.
(2) California, however, must do more to ensure that California
ports remain competitive, as the Gulf, East Coast, and Mexican ports
work to attract business away from California seaports and
competition intensifies after the expansion of the Panama Canal in
2014. California ports are taking action to retain market share by
expanding terminal capacity and investing in other trade-related
infrastructure projects, but more needs to be done to protect
California's vitally important international trade sector, including
creating incentives to maintain and grow new business-,
manufacturing-, and trade-related jobs in the years ahead.
(b) It is the intent of the Legislature to boost exports and
imports through California ports and airports by providing tax
incentives for California exporters and importers and by providing
tax incentives for increasing cargo-moving capacity.
(c) Providing California tax credits to exporters and importers
through California ports and airports and increasing cargo-moving
capacity at California's ports and airports will support President
Obama's national export initiative.
64141. For the purposes of this division, the following terms
have the following meanings:
(a) "Annual full-time equivalent" means either of the following:
(1) In the case of a full-time employee who was paid hourly
qualified wages, "annual full-time equivalent" means the total number
of hours worked for the taxpayer by the employee (not to exceed
2,000 hours per employee) divided by 2,000.
(2) In the case of a salaried full-time employee, "annual
full-time equivalent" means the total number of weeks worked for the
taxpayer by the employee divided by 52.
(b) "Authority" means the California Transportation Financing
Authority established in Section 64101.
(c) (1) "Capital costs" means all costs and expenses incurred by
one or more exporter or importer in connection with the acquisition,
construction, installation, and equipping of a cargo facility,
including any environmental mitigation undertaken specifically to
reduce the impacts of a cargo facility, during the period commencing
with the date on which the acquisition, construction, installation,
and equipping commences and ending on the date on which the cargo
facility is placed in service.
(2) Capital costs shall include, but not be limited to, the
following:
(A) The costs of acquiring, constructing, installing, equipping,
and financing a cargo facility, including all obligations incurred
for labor and to contractors, subcontractors, builders, and
materialmen.
(B) The costs of acquiring land or rights in land and any cost
incidental thereto, including recording fees.
(C) The costs of contract bonds and of insurance of any kind that
may be required or necessary during the acquisition, construction, or
installation of a cargo facility.
(D) The costs of architectural and engineering services, including
test borings, surveys, estimates, plans, specifications, preliminary
investigations, environmental mitigation, and supervision of
construction, as well as for the performance of all the duties
required by or consequent upon the acquisition, construction, and
installation of a cargo facility.
(E) The costs associated with installation of fixtures and
equipment, surveys, including archaeological and environmental
surveys, site tests and inspections, subsurface site work,
excavation, removal of structures, roadways, and other surface
obstructions, filling, grading, paving, and provisions for drainage,
stormwater retention, installation of utilities, including water,
sewerage treatment, gas, electricity, communications, and similar
facilities, and offsite construction of utility extensions to the
boundaries of the property.
(F) The costs of completing any environmental mitigation.
(G) All other costs of a nature comparable to those described,
including, but not limited to, all project costs required to be
capitalized for federal income tax purposes pursuant to the
provisions of Section 263(a) of Title 26 of the United States Code.
(H) Costs otherwise defined as capital costs incurred by the
exporter or importer where the qualifying taxpayer is the lessee
under a lease that contains a term of not less than five years and is
characterized as a capital lease for federal income tax purposes.
(3) Capital costs shall not include property owned or leased by
the exporter or importer or a related entity before the commencement
of the acquisition, construction, installation, or equipping of the
cargo facility, unless the property was physically located outside
the state for a period of at least one year prior to the date on
which the cargo facility was placed in service.
(4) Capital costs shall not include project costs that were
expended prior to January 1, 2013.
(d) "Cargo facility" means a capital project at a port or airport
in California designed to increase cargo-moving capacity at that port
or airport and that is expended in a taxable year and has a useful
life of five years or more.
(e) "Export cargo tonnage" means the weight of cargo exported
through California ports by an exporter to destinations outside the
United States.
(f) "Export cargo value" means the value of cargo exported through
California airports by an exporter to destinations outside of the
United States as certified by the applicant for a tax credit
certificate.
(g) "Exporter" means a California taxpayer that is the shipper of
record of agricultural products or manufactured goods on an ocean
bill of lading or on an air waybill.
(h) "Import cargo tonnage" means the weight of cargo imported by
an importer through California ports by that importer from outside
the United States.
(i) "Import cargo value" means the value of cargo imported through
California airports by an importer from outside the United States as
certified by the applicant for a tax credit certificate.
(j) "Importer" means a California taxpayer that is the consignee
of record of agricultural products or manufactured goods on an ocean
bill of lading or on an air waybill.
(k) (1) "Qualified full-time employee" means either of the
following:
(A) A qualified employee who was paid qualified wages by the
qualified employer for services of not less than an average of 35
hours per week.
(B) A qualified employee who was a salaried employee and was paid
compensation during the taxable year for full-time employment, within
the meaning of Section 515 of the Labor Code, by the qualified
employer.
(2) A "qualified employee" shall not include any of the following:
(A) An employee certified as a qualified employee in an enterprise
zone designated in accordance with Chapter 12.8 (commencing with
Section 7070) of Division 7 of Title 1.
(B) An employee certified as a qualified disadvantaged individual
in a manufacturing enhancement area designated in accordance with
Section 7073.8.
(C) An employee certified as a qualified employee in a targeted
tax area designated in accordance with Section 7097.
(D) An employee certified as a qualified disadvantaged individual
or a qualified displaced employee in a local agency military base
recovery area (LAMBRA) designated in accordance with Chapter 12.97
(commencing with Section 7105) of Division 7 of Title 1.
(E) An employee whose wages are included in calculating any other
credit allowed under Part 10 (commencing with Section 17001) or Part
11 (commencing with Section 23001) of Division 2 of the Revenue and
Taxation Code.
(l) "Qualified wages" means wages subject to Division 6
(commencing with Section 13000) of the Unemployment Insurance Code.
(m) "Tax credit certificate" means a certificate awarded by the
authority to an exporter or importer evidencing the right of the
exporter or importer to claim the tax credits provided for in this
division in the amount specified in the certificate.
64142. (a) Subject to the limitations in subdivision (f), for
taxable years beginning on or after January 1, 2013, and before
January 1, 2018, the authority may award a tax credit certificate or
tax credit certificates to a person that is an exporter or importer
pursuant to subdivisions (b), (c), and (d) in an aggregate amount
that is not greater than two hundred fifty thousand dollars
($250,000) for a taxable year.
(b) A tax credit certificate, in an amount specified in
subdivision (a) of Section 17053.60 of the Revenue and Taxation Code
or subdivision (a) of Section 23660 of the Revenue and Taxation Code,
may be awarded by the authority to any of the following:
(1) Exporters that demonstrate to the satisfaction of the
authority that they have increased their export cargo tonnage through
California ports in a taxable year beginning on or after January 1,
2013, and before January 1, 2018, by at least 5 percent over their
export cargo tonnage through California ports for the preceding
taxable year.
(2) Importers that demonstrate to the satisfaction of the
authority that they have increased their import cargo tonnage through
California ports in a taxable year beginning on or after January 1,
2013, and before January 1, 2018, by at least 5 percent over their
import cargo tonnage through California ports for the preceding
taxable year.
(3) Exporters that demonstrate to the satisfaction of the
authority that they have increased their export cargo value through
California airports in a taxable year beginning on or after January
1, 2013, and before January 1, 2018, by at least 5 percent over their
export cargo value through California airports for the preceding
taxable year.
(4) Importers that demonstrate to the satisfaction of the
authority that they have increased their import cargo value through
California airports in taxable year beginning on or after January 1,
2013, and before January 1, 2018, by at least 5 percent over their
import cargo value through California airports for the preceding
taxable year.
(5) Exporters or importers that demonstrate to the satisfaction of
the authority that they have exported or imported export or import
cargo tonnage through California ports in excess of 400,000 tons in a
taxable year beginning on or after January 1, 2013, and before
January 1, 2018, and that they did not export or import cargo through
California ports in the preceding taxable year.
(6) Exporters and importers that demonstrate to the satisfaction
of the authority that they have exported or imported cargo through
California airports with export or import cargo value in excess of
two hundred fifty thousand dollars ($250,000) in a taxable year
beginning on or after January 1, 2013, and before January 1, 2018,
and that they did not export or import cargo through California
airports in the preceding taxable year.
(c) (1) A tax credit certificate, in an amount specified in
subdivision (a) of Section 17053.65 of the Revenue and Taxation Code
or subdivision (a) of Section 23665 of the Revenue and Taxation Code,
may be awarded by the authority to an exporter or importer that
demonstrates to the satisfaction of the authority that the exporter
or importer had a net increase in qualified full-time employees hired
in California during the taxable year.
(2) The net increase in qualified full-time employees of a
qualified employer shall be determined as provided by this paragraph:
(A) The net increase in qualified full-time employees shall be
determined on an annual full-time equivalent basis by subtracting
from the amount determined in clause (ii) the amount determined in
clause (i).
(i) The total number of qualified full-time employees employed in
the preceding taxable year by the taxpayer and by any trade or
business acquired by the taxpayer during the current taxable year.
(ii) The total number of full-time employees employed in the
current taxable year by the taxpayer and by any trade or business
acquired during the current taxable year.
(B) For taxpayers who first commence doing business in this state
during the taxable year, the number of full-time employees for the
immediately preceding prior taxable year shall be zero.
(d) A tax credit certificate, in an amount specified in
subdivision (a) of Section 17053.66 of the Revenue and Taxation Code
or subdivision (a) of Section 23666 of the Revenue and Taxation Code,
may be awarded by the authority to an exporter or importer that
demonstrates to the satisfaction of the authority that the exporter
or importer has made capital costs on a cargo facility in California
during the taxable year.
(e) The authority shall, consistent with the requirements and
criteria of this division and Sections 17053.60, 17053.65, 17053.66,
23660, 23665, and 23666 of the Revenue and Taxation Code, do all of
the following:
(1) Establish a procedure for applicants to apply for the tax
credit certificates, and a process to award those tax credit
certificates on a first-come-first-served basis.
(2) Determine the information necessary to be provided by an
applicant to the authority in order to award the tax credit
certificates.
(3) Develop and provide application forms for use by applicants
for tax credit certificates. The application form shall provide for
inclusion of the applicant's taxpayer identification number.
(f) The total amount of tax credit certificates authorized to be
awarded pursuant to subdivisions (b), (c), and (d) in each of the
five calendar years beginning with January 1, 2013, is one hundred
million dollars ($100,000,000), for a total of five hundred million
dollars ($500,000,000), and any portion of that authorization not
awarded in any calendar year may be awarded in a future calendar year
ending before January 1, 2018.
(g) (1) The authority shall establish and charge applicants fees
that it determines are reasonably sufficient to cover all of its
costs in carrying out its responsibilities under this division. The
fees shall be deposited in the Job and Trade Competitiveness Fee
Account, which is hereby established in the State Treasury. Moneys in
the account shall be available, upon appropriation by the
Legislature, to the authority for the purpose of implementing this
division.
(2) Until the time that sufficient revenue is received by the
authority, the authority may borrow any money as may be required for
the purpose of meeting necessary expenses under this division, not to
exceed the amount appropriated. A loan made to the authority shall
be repayable solely from moneys appropriated to the authority from
the Job and Trade Competitiveness Fee Account and shall not
constitute a general obligation of the state for which the full faith
and credit of the state are pledged.
(h) The authority shall determine the amount of each tax credit
pursuant to this division and Sections 17053.60, 17053.65, 17053.66,
23660, 23665, and 23666 of the Revenue and Taxation Code, and the
Franchise Tax Board shall not be responsible for determining the
amount of that tax credit. The authority shall provide the Franchise
Tax Board with an electronic copy of each tax credit certification
awarded by it within 30 days after issuing the certificate. The tax
credit certificate shall include the date of issuance, the amount of
the tax credit, the name, the type of credit awarded, and taxpayer
identification number of the exporter or importer to which the
certificate was awarded.
(i) The authority shall establish audit procedures of taxpayers
who have been awarded a tax credit certificate to verify that the tax
credit certificate was awarded consistent with the requirements of
this division and Sections 17053.60, 17053.65, 17053.66, 23660,
23665, and 23666 of the Revenue and Taxation Code. The authority
shall conduct audits at random as the authority deems appropriate.
(j) In the event that the authority determines that any amount of
a tax credit certificate was not awarded consistent with the
requirements of this division or Sections 17053.60, 17053.65,
17053.66, 23660, 23665, and 23666 of the Revenue and Taxation Code,
the authority shall cancel any unapplied amount erroneously awarded
and any previously allowed credit erroneously awarded shall be
recaptured. The authority shall notify the Franchise Tax Board of any
amounts of a tax credit certificate that were erroneously awarded
and were canceled.
(k) The authority may prescribe rules, guidelines, or procedures
necessary or appropriate to carry out the purposes of this division.
Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3
of Title 2 does not apply to any rule, guideline, or procedure
prescribed by the authority pursuant to this subdivision.
(l) A tax credit certificate awarded pursuant to this section
shall not be transferable.
(m) The authority shall notify the taxpayer within 45 days of
either a denial of the tax credit certificate application or an award
of a tax credit certificate.
(m)
(n) This section division
shall remain in effect only until December 1, 2018
January 1, 2020 , and as of that date is
repealed.
SEC. 2. Section 17053.60 is added to the Revenue and Taxation
Code, to read:
17053.60. (a) (1) For each taxable year beginning on or after
January 1, 2013, and before January 1, 2018, and subject to
subdivision (c), there shall be allowed as a credit against the "net
tax," as defined in Section 17039, the amount specified in paragraph
(2), to an exporter or importer that has been awarded a tax credit
certificate pursuant to the Job and Trade Competitiveness Act
(Division 4 (commencing with Section 64140) of Title 6.7 of the
Government Code).
(2) (A) If an exporter or importer imported or exported during the
preceding taxable year, the credit amount will be determined as
follows:
(i) The amount of credit allowed for an exporter or importer that
increases exports or imports through ports in California shall be
three dollars and twelve and one-half cents ($3.125) per ton of
increased exports and imports through ports in California in a
taxable year attributable to the exporter or importer.
(ii) The amount of credit allowed for an exporter or importer that
increases exports or imports through airports in California shall be
one thousand dollars ($1,000) for each ten thousand dollars
($10,000) of increased exports and imports through airports in
California in a taxable year attributable to the exporter or
importer.
(B) If an exporter or importer did not import or export during the
preceding taxable year, the credit amount shall be determined as
follows:
(i) The amount of credit allowed for an exporter or importer that
exports or imports 400,000 or more tons through ports in California
in a taxable year shall be three dollars and twelve and one-half
cents ($3.125) per ton of exports and imports through ports in
California in a taxable year attributable to the exporter or
importer.
(ii) The amount of credit allowed for an exporter or importer that
exports or imports two hundred fifty thousand dollars ($250,000) or
more through airports in California shall be one thousand dollars
($1,000) for each ten thousand dollars ($10,000) of exports and
imports through airports in California in a taxable year attributable
to the exporter or importer.
(b) For purposes of this section:
(1) "Authority" means the California Transportation Financing
Authority established in Section 64101 of the Government Code.
(2) "Exporter" has the same meaning as provided in subdivision (g)
of Section 64141 of the Government Code.
(3) "Importer" has the same meaning as provided in subdivision (j)
of Section 64141 of the Government Code.
(4) "Increased exports or imports" means the difference between
the amount of exports and imports, whether measured by tons or
dollars, in a the current taxable year
and the preceding taxable year if the current taxable year has a
greater amount of exports or imports .
(5) "Tax credit certificate" has the same meaning as provided in
subdivision (m) of Section 64141 of the Government Code.
(c) The aggregate amount of the credit allowed
to a taxpayer under this section and Sections 17053.65 and 17053.66
shall be no more than two hundred fifty thousand dollars ($250,000)
for a taxable year and shall be limited to the amount specified in
the tax credit certificate issued to the taxpayer pursuant to the Job
and Trade Competitiveness Act (Division 4 (commencing with Section
64140) of Title 6.7 of the Government Code).
(d) In the event that the authority notifies the Franchise Tax
Board of any amounts of a tax credit certificate that were
erroneously awarded and were canceled pursuant to subdivision
(k) (j) of Section 64142 of the
Government Code, those amounts shall not be allowed as a credit, and
any previously allowed credit shall be recaptured. The taxpayer shall
be liable for any increase in tax attributable to the recapture of
any credit previously allowed under this section.
(e) In the case where the credit allowed by this section exceeds
the "net tax," the excess may be carried over to reduce the "net tax"
in the following year, and succeeding nine years, if necessary,
until the credit is exhausted.
(f) This section shall remain in effect only until December 1,
2018, and as of that date is repealed.
SEC. 3. Section 17053.65 is added to the Revenue and Taxation
Code, to read:
17053.65. (a) For each taxable year beginning on or after January
1, 2013, and before January 1, 2018, and subject to subdivision (c),
there shall be allowed as a credit against the "net tax," as defined
in Section 17039, to an exporter or importer that has been awarded a
tax credit certificate pursuant to the Job and Trade Competitiveness
Act (Division 4 (commencing with Section 64140) of Title 6.7 of the
Government Code), in an amount equal to three thousand dollars
($3,000) for each net increase in qualified full-time employees hired
in California during the taxable year by an exporter or importer, in
a taxable year.
(b) For purposes of this section:
(1) "Authority" means the California Transportation Financing
Authority established in Section 64101 of the Government Code.
(2) "Exporter" has the same meaning as provided in subdivision (g)
of Section 64141 of the Government Code.
(3) "Importer" has the same meaning as provided in subdivision (j)
of Section 64141 of the Government Code.
(4) "Qualified full-time employee" has the same meaning as
provided in subdivision (k) of Section 64141 of the
Government Code.
(5) "Tax credit certificate" has the same meaning as provided in
subdivision (m) of Section 64141 of the Government Code.
(c) The aggregate amount of the credit allowed to a taxpayer under
this section and Sections 17053.60 and 17053.66 shall be no more
than two hundred fifty thousand dollars ($250,000) for a taxable year
and shall be limited to the amount specified in the tax credit
certificate issued to the taxpayer pursuant to the Job and Trade
Competitiveness Act (Division 4 (commencing with Section 64140) of
Title 6.7 of the Government Code).
(d) In the event that the authority notifies the Franchise Tax
Board of any amounts of a tax credit certificate that were
erroneously awarded and were canceled pursuant to subdivision
(k) (j) of Section 64142 of
the Government Code, those amounts shall not be allowed as a credit,
and any previously allowed credit shall be recaptured. The taxpayer
shall be liable for any increase in tax attributable to the recapture
of any credit previously allowed under this section.
(e) In the case where the credit allowed by this section exceeds
the "net tax," the excess may be carried over to reduce the "net tax"
in the following year, and succeeding nine years, if necessary,
until the credit is exhausted.
(f) This section shall remain in effect only until December 1,
2018, and as of that date is repealed.
SEC. 4. Section 17053.66 is added to the Revenue and Taxation
Code, to read:
17053.66. (a) For each taxable year beginning on or after January
1, 2013, and before January 1, 2018, and subject to subdivision (c),
there shall be allowed as a credit against the "net tax," as defined
in Section 17039, to an exporter or importer that has been awarded a
tax credit certificate pursuant to the Job and Trade Competitiveness
Act (Division 4 (commencing with Section 64140) of Title 6.7 of the
Government Code), in an amount of up to, but not to exceed, 2 percent
of the total capital costs for a cargo facility constructed in
California by an exporter or importer during a taxable year
, in a taxable year .
(b) For purposes of this section:
(1) "Authority" means the California Transportation Financing
Authority established in Section 64101 of the Government Code.
(2) "Capital costs" has the same meaning as provided in
subdivision (c) of Section 64141 the Government Code.
(3) "Cargo facility" has the same meaning as provided in
subdivision (d) of Section 64141 of the Government Code.
(4) "Exporter" has the same meaning as provided in subdivision (g)
of Section 64141 of the Government Code.
(5) "Importer" has the same meaning as provided in subdivision (j)
of Section 64141 of the Government Code.
(6) "Tax credit certificate" has the same meaning as provided in
subdivision (m) of Section 64141 of the Government Code.
(c) The aggregate amount of the credit allowed to a taxpayer under
this section and Sections 17053.60 and 17053.65 shall be no more
than two hundred fifty thousand dollars ($250,000) for a taxable year
and shall be limited to the amount specified in the tax credit
certificate issued to the taxpayer pursuant to the Job and Trade
Competitiveness Act (Division 4 (commencing with Section 64140) of
Title 6.7 of the
Government Code).
(d) In the event that the authority notifies the Franchise Tax
Board of any amounts of a tax credit certificate that were
erroneously awarded and were canceled pursuant to subdivision
(k) (j) of Section 64142 of the
Government Code, those amounts shall not be allowed as a credit, and
any previously allowed credit shall be recaptured. The taxpayer shall
be liable for any increase in tax attributable to the recapture of
any credit previously allowed under this section.
(e) In the case where the credit allowed by this section exceeds
the "net tax," the excess may be carried over to reduce the "net tax"
in the following year, and succeeding nine years, if necessary,
until the credit is exhausted.
(f) This section shall remain in effect only until December 1,
2018, and as of that date is repealed.
SEC. 5. Section 23660 is added to the Revenue and Taxation Code,
to read:
23660. (a) (1) For each taxable year beginning on or after
January 1, 2013, and before January 1, 2018, and subject to
subdivision (c), there shall be allowed as a credit against the "tax,"
as defined in Section 23036, an amount specified in paragraph (2),
to an exporter or importer that has been awarded a tax credit
certificate pursuant to the Job and Trade Competitiveness Act
(Division 4 (commencing with Section 64140) of Title 6.7 of the
Government Code).
(2) (A) If an exporter or importer imported or exported during the
preceding taxable year, the credit amount will be determined as
follows:
(i) The amount of credit allowed for an exporter or importer that
increases exports or imports through ports in California shall be
three dollars and twelve and one-half cents ($3.125) per ton of
increased exports and imports through ports in California in a
taxable year attributable to the exporter or importer.
(ii) The amount of credit allowed for an exporter or importer that
increases exports or imports through airports in California shall be
one thousand dollars ($1,000) for each ten thousand dollars
($10,000) of increased exports and imports through airports in
California in a taxable year attributable to the exporter or
importer.
(B) If an exporter or importer did not import or export during the
preceding taxable year, the credit amount shall be determined as
follows:
(i) The amount of credit allowed for an exporter or importer that
exports or imports 400,000 or more tons through ports in California
in a taxable year shall be three dollars and twelve and one-half
cents ($3.125) per ton of exports and imports through ports in
California in a taxable year attributable to the exporter or
importer.
(ii) The amount of credit allowed for an exporter or importer that
exports or imports two hundred fifty thousand dollars ($250,000) or
more through airports in California shall be one thousand dollars
($1,000) for each ten thousand dollars ($10,000) of exports and
imports through airports in California in a taxable year attributable
to the exporter or importer.
(b) For purposes of this section:
(1) "Authority" means the California Transportation Financing
Authority established in Section 64101 of the Government Code.
(2) "Exporter" has the same meaning as provided in subdivision (g)
of Section 64141 of the Government Code.
(3) "Importer" has the same meaning as provided in subdivision (j)
of Section 64141 of the Government Code.
(4) "Increased exports or imports" means the difference between
the amount of exports and imports, whether measured by tons or
dollars, in a the current taxable year
and the preceding taxable year if the current taxable year has a
greater amount of exports or imports .
(5) "Tax credit certificate" has the same meaning as provided in
subdivision (m) of Section 64141 of the Government Code.
(c) The aggregate amount of credit allowed to a taxpayer under
this section and Sections 23665 and 23666 shall be no more than two
hundred fifty thousand dollars ($250,000) for a taxable year and
shall be limited to the amount specified in the tax credit
certificate issued to the taxpayer pursuant to the Job and Trade
Competitiveness Act (Division 4 (commencing with Section 64140) of
Title 6.7 of the Government Code).
(d) In the event that the authority notifies the Franchise Tax
Board of any amounts of a tax credit certificate that were
erroneously awarded and were canceled pursuant to subdivision
(k) (j) of Section 64142 of the
Government Code, those amounts shall not be allowed as a credit, and
any previously allowed credit shall be recaptured. The taxpayer shall
be liable for any increase in tax attributable to the recapture of
any credit previously allowed under this section.
(e) In the case where the credit allowed by this section exceeds
the "tax," the excess may be carried over to reduce the "tax" in the
following year, and succeeding nine years, if necessary, until the
credit is exhausted.
(f) This section shall remain in effect only until December 1,
2018, and as of that date is repealed.
SEC. 6. Section 23665 is added to the Revenue and Taxation Code,
to read:
23665. (a) For each taxable year beginning on or after January 1,
2013, and before January 1, 2018, and subject to subdivision (c),
there shall be allowed as a credit against the "tax," as defined in
Section 23036, to an exporter or importer that has been awarded a tax
credit certificate pursuant to the Job and Trade Competitiveness Act
(Division 4 (commencing with Section 64140) of Title 6.7 of the
Government Code), in an amount equal to three thousand dollars
($3,000) for each net increase in qualified full-time employees hired
in California during the taxable year by an exporter or importer, in
a taxable year.
(b) For purposes of this section:
(1) "Authority" means the California Transportation Financing
Authority established in Section 64101 of the Government Code.
(2) "Exporter" has the same meaning as provided in subdivision (g)
of Section 64141 of the Government Code.
(3) "Importer" has the same meaning as provided in subdivision (j)
of Section 64141 of the Government Code.
(4) "Qualified full-time employee" has the same meaning as
provided in subdivision (k) of Section 64141 of the
Government Code.
(5) "Tax credit certificate" has the same meaning as provided in
subdivision (m) of Section 64141 of the Government Code.
(c) The aggregate amount of the credit allowed to a taxpayer under
this section and Sections 23660 and 23666 shall be no more than two
hundred fifty thousand dollars ($250,000) for a taxable year and
shall be limited to the amount specified in the tax credit
certificate issued to the taxpayer pursuant to the Job and Trade
Competitiveness Act (Division 4 (commencing with Section 64140) of
Title 6.7 of the Government Code).
(d) In the event that the authority notifies the Franchise Tax
Board of any amounts of a tax credit certificate that were
erroneously awarded and were canceled pursuant to subdivision
(k) (j) of Section 64142 of
the Government Code, those amounts shall not be allowed as a credit,
and any previously allowed credit shall be recaptured. The taxpayer
shall be liable for any increase in tax attributable to the recapture
of any credit previously allowed under this section.
(e) In the case where the credit allowed by this section exceeds
the "net tax," "tax," the excess may be
carried over to reduce the "net tax" "tax"
in the following year, and succeeding nine years, if necessary,
until the credit is exhausted.
(f) This section shall remain in effect only until December 1,
2018, and as of that date is repealed.
SEC. 7. Section 23666 is added to the Revenue and Taxation Code,
to read:
23666. (a) For each taxable year beginning on or after January 1,
2013, and before January 1, 2018, and subject to subdivision (c),
there shall be allowed as a credit against the "tax," as defined in
Section 23036, to an exporter or importer that has been awarded a tax
credit certificate pursuant to the Job and Trade Competitiveness Act
(Division 4 (commencing with Section 64140) of Title 6.7 of the
Government Code), in an amount of up to, but not to exceed, 2 percent
of the total capital costs for a cargo facility constructed in
California by an exporter or importer during a taxable year ,
in a taxable year .
(b) For purposes of this section:
(1) "Authority" means the California Transportation Financing
Authority established in Section 64101 of the Government Code.
(2) "Capital costs" has the same meaning as provided in
subdivision (c) of Section 64141 of the Government Code.
(3) "Cargo facility" has the same meaning as provided in
subdivision (d) of the Government Code.
(4) "Exporter" has the same meaning as provided in subdivision (g)
of Section 64141 of the Government Code.
(5) "Importer" has the same meaning as provided in subdivision (j)
of Section 64141 of the Government Code.
(6) "Tax credit certificate" has the same meaning as provided in
subdivision (m) of Section 64141 of the Government Code.
(c) The aggregate amount of the credit allowed to a taxpayer under
this section and Sections 23660 and 23665 shall be no more than two
hundred fifty thousand dollars ($250,000) for a taxable year and
shall be limited to the amount specified in the tax credit
certificate issued to the taxpayer pursuant to the Job and Trade
Competitiveness Act (Division 4 (commencing with Section 64140) of
Title 6.7 of the Government Code).
(d) In the event that the authority notifies the Franchise Tax
Board of any amounts of a tax credit certificate that were
erroneously awarded and were canceled pursuant to subdivision
(k) (j) of Section 64142 of the
Government Code, those amounts shall not be allowed as a credit, and
any previously allowed credit shall be recaptured. The taxpayer shall
be liable for any increase in tax attributable to the recapture of
any credit previously allowed under this section.
(e) In the case where the credit allowed by this section exceeds
the "net tax," "tax," the excess may be
carried over to reduce the "net tax" "tax"
in the following year, and succeeding nine years, if necessary,
until the credit is exhausted.
(f) This section shall remain in effect only until December 1,
2018, and as of that date is repealed.
SEC. 8. This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.
