AB 249

  • California Assembly Bill
  • 2021-2022 Regular Session
  • Introduced in Assembly
  • Assembly
  • Senate
  • Governor

Income tax credits: research credit.

Abstract

The Personal Income Tax Law and the Corporation Tax Law, in modified conformity to a credit allowed by federal income tax laws, allow a credit against taxes imposed by those laws for increasing research activities. In general, the amount of the credit under those 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. Additionally, the Corporation Tax Law, in modified conformity to that credit allowed by federal income tax laws, allows a credit of 24% of the basic research payments, as defined. This bill would, under both laws for each taxable year beginning on or after January 1, 2022, and before January 1, 2027, increase the amount of the credit to 20% of the excess of the qualified research expenses for the taxable year over the base amount. The bill would also, under the Corporation Tax Law for each taxable year beginning on or after January 1, 2022, and before January 1, 2027, increase the amount of the credit for basic research payments to 30%. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements. The bill also would include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.

Bill Sponsors (2)

Votes


Actions


Jan 20, 2022

Assembly

In committee: Held under submission.

Jan 11, 2022

Assembly

From committee: Do pass and re-refer to Com. on APPR. (Ayes 8. Noes 1.) (January 10). Re-referred to Com. on APPR.

  • Committee-Passage
  • Committee-Passage-Favorable
  • Referral-Committee
Com. on APPR.

Jan 04, 2022

Assembly

Re-referred to Com. on REV. & TAX.

  • Referral-Committee
Com. on REV. & TAX.

Jan 03, 2022

Assembly

From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

Jan 28, 2021

Assembly

Referred to Com. on REV. & TAX.

  • Referral-Committee
Com. on REV. & TAX.

Jan 15, 2021

Assembly

From printer. May be heard in committee February 14.

Jan 14, 2021

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB249 HTML
01/14/21 - Introduced PDF
01/03/22 - Amended Assembly PDF

Related Documents

Document Format
01/07/22- Assembly Revenue and Taxation PDF
01/18/22- Assembly Appropriations PDF

Sources

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