Bill Text: CA SB1086 | 2009-2010 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Franchise Tax Board: tax expenditure reporting.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-04-12 - Hearing postponed by committee. [SB1086 Detail]

Download: California-2009-SB1086-Introduced.html

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BILL NUMBER: SB 1086	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Florez

                        FEBRUARY 17, 2010

   An act to add Section 19567 to the Revenue and Taxation Code,
relating to the Franchise Tax Board.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1086, as introduced, Florez. Franchise Tax Board: tax
expenditure reporting.
   Existing law authorizes the Franchise Tax Board, as part of its
administrative duties with respect to the collection of taxes, to
furnish specified taxpayer information. Existing law generally
provides that all taxpayer information obtained by the board is to
remain confidential. Existing law provides exceptions to this general
requirement.
   This bill would, notwithstanding existing law, require the
Franchise Tax Board to annually compile information relating to a
taxpayer receiving credits of $1,000, allowed from corporate tax
expenditures. The bill would require the board to include the
information in the California Income Tax Expenditure Report and the
state transparency Internet Web site.
   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.  Section 19567 is added to the Revenue and Taxation
Code, to read:
   19567.  (a) For purposes of this section, "corporate tax
expenditure" means any exemption, credit, or deduction allowed under
Part 11 (commencing with Section 23001) or otherwise available to a
corporation.
   (b) Notwithstanding any provision of law, the Franchise Tax Board
shall annually compile all of the following information, commencing
with information based on the 2010 taxable year, which shall be
included in the Department of Finance California Income Tax
Expenditure Report:
   (1) The name, mailing address, and California corporation number
of any taxpayer receiving credits of one thousand dollars ($1,000)
allowed from corporate tax expenditures.
   (2) The amount claimed by each taxpayer for the corporate tax
expenditure.
   (c) The information collected by the Franchise Tax Board pursuant
to subdivision (b) shall be included in the state Reporting
Transparency in Government Internet Web site.
   (1) The information shall be searchable by corporation name,
corporation number, expenditure type, and key word.
   (2) Each report on the state Reporting Transparency in Government
Internet Web site shall include all of the following information:
   (A) The corporation's name.
   (B) The California corporation number.
   (C) The expenditure granted.
   (D) A description of the initial justification for the
expenditure.
   (3) All data shall be available for download by the public in
Excel or comparable format.