Bill Text: CA AB2829 | 2021-2022 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Certified Access Specialist Inspection Grant Program.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-05-19 - In committee: Held under submission. [AB2829 Detail]
Download: California-2021-AB2829-Introduced.html
Bill Title: Certified Access Specialist Inspection Grant Program.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-05-19 - In committee: Held under submission. [AB2829 Detail]
Download: California-2021-AB2829-Introduced.html
CALIFORNIA LEGISLATURE—
2021–2022 REGULAR SESSION
Assembly Bill
No. 2829
| Introduced by Assembly Member Low |
February 18, 2022 |
An act to add Sections 17053.43 and 23643 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
LEGISLATIVE COUNSEL'S DIGEST
AB 2829, as introduced, Low.
Tax credits: accessibility expenditures.
Existing federal law allows a credit against federal income taxes for eligible small businesses for eligible access expenditures, as those terms are defined, in an amount equal to 50% of eligible access expenditures for a taxable year that exceed $250 but do not exceed $10,250. The Personal Income Tax Law and the Corporation Tax Law allow a credit against the taxes imposed by those laws for the amount paid or incurred for eligible access expenditures in an amount equal to 50% of eligible access expenditures for a taxable year as do not exceed $250, as specified.
This bill would, for taxable years beginning on or after January 1, 2022, and before January 1, 2027, allow a credit under both the Personal Income Tax Law and the Corporation Tax Law for eligible access expenditures in accordance with the above-described federal
tax credit, except with a credit amount equal to 10% of eligible access expenditures for a taxable year, as specified.
This bill would take effect immediately as a tax levy.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 17053.43 is added to the Revenue and Taxation Code, to read:17053.43.
(a) For each taxable year beginning on or after January 1, 2022, and before January 1, 2027, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, the amount paid or incurred for eligible access expenditures. The credit shall be allowed in accordance with Section 44 of the Internal Revenue Code, relating to expenditures to provide access to disabled individuals, except that the credit amount specified in subdivision (b) shall be substituted for the credit amount specified in Section 44(a) of the Internal Revenue Code.(b) The credit amount allowed under this section shall be an amount equal to 10 percent of so much of the eligible access expenditures for the taxable year as exceed two hundred fifty dollars
($250) but do not exceed ten thousand two hundred fifty dollars ($10,250).
(c) 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 the succeeding four years, if necessary, until the credit is exhausted.
(d) The credit allowed by this section may be claimed only on a timely filed original return of the taxpayer.
(e) The Franchise Tax Board may prescribe rules, guidelines, or procedures necessary or appropriate to carry out the purposes of this section, including any guidelines regarding the substantiation of the credit allowed by this section. Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code does not apply to any rule, guideline, or procedure prescribed by the
Franchise Tax Board pursuant to this section.
(f) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
SEC. 2.
Section 23643 is added to the Revenue and Taxation Code, to read:23643.
(a) For each taxable year beginning on or after January 1, 2022, and before January 1, 2027, there shall be allowed as a credit against the “tax,” as defined in Section 23036, the amount paid or incurred for eligible access expenditures. The credit shall be allowed in accordance with Section 44 of the Internal Revenue Code, relating to expenditures to provide access to disabled individuals, except that the credit amount specified in subdivision (b) shall be substituted for the credit amount specified in Section 44(a) of the Internal Revenue Code and the second sentence of Section 44(d)(3) of the Internal Revenue Code, relating to partnerships and “S” corporations, shall not apply.(b) The credit amount allowed under this section shall be an
amount equal to 10 percent of so much of the eligible access expenditures for the taxable year as exceed two hundred fifty dollars ($250) but do not exceed ten thousand two hundred fifty dollars ($10,250).
(c) 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 the succeeding four years, if necessary, until the credit is exhausted.
(d) The credit allowed by this section may be claimed only on a timely filed original return of the taxpayer.
(e) The Franchise Tax Board may prescribe rules, guidelines, or procedures necessary or appropriate to carry out the purposes of this section, including any guidelines regarding the substantiation of the credit allowed by this section. Chapter 3.5 (commencing with Section 11340) of
Part 1 of Division 3 of Title 2 of the Government Code does not apply to any rule, guideline, or procedure prescribed by the Franchise Tax Board pursuant to this section.
(f) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
