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SB 55

  • California Senate Bill
  • 2009-2010, 8th Special Session
  • Introduced in Senate Feb 12, 2010
  • Senate
  • Assembly
  • Governor

Income and corporation taxes: credits: qualified motion picture production.

Abstract

The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws, including a credit, for taxable years beginning on or after January 1, 2011, in an amount equal to a specified percentage of the qualified expenditures, as defined, attributable to the production of a qualified motion picture in California, or, where the qualified motion picture has relocated to California or is an independent film, as provided. Existing law limits the amount of credits that may be allocated in any fiscal year, as specified, and prohibits the allocation of any credits from a fiscal year other than the fiscal year in which the credit was originally applied for or the immediately succeeding fiscal year. This bill would delete that prohibition. 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.

Bill Sponsors (1)

Calderon

Author

Votes


No votes to display

Actions


Mar 11, 2010

Senate

From committee without further action.

Feb 12, 2010

Senate

Introduced. Read first time. To Com. on RLS.

Bill Text

Bill Text Versions Format
SB55 HTML
02/12/10 - Introduced PDF

Related Documents

Document Format
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Sources

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