California Assembly Bill AB2666 Amended / Bill

 BILL NUMBER: AB 2666AMENDED BILL TEXT AMENDED IN SENATE JUNE 30, 2010 AMENDED IN ASSEMBLY MAY 28, 2010 AMENDED IN ASSEMBLY APRIL 27, 2010 AMENDED IN ASSEMBLY APRIL 8, 2010 INTRODUCED BY Assembly Member Skinner FEBRUARY 19, 2010 An act to add Section 19571 to the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 2666, as amended, Skinner.  Income   Corporation  taxes: Franchise Tax Board: tax expenditures: Reporting Transparency in Government Internet Web site. The  Personal Income Tax Law and the  Corporation Tax Law  authorize  , which is administered by the Franchise Tax Board, authorizes  various credits, deductions, exclusions, exemptions, and other tax benefits with respect to the taxes imposed by  those laws   that law  . This bill would, for each taxable year on  and   or  after January 1, 2010, require the  Franchise Tax Board   board  to compile information on any  tax  expenditure claimed and reported by a taxpayer that is a publicly traded company, and would require, beginning on March 30, 2012, and by March 30 of each year thereafter, the board to submit the information to the State Chief Information Officer for publication on the Reporting Transparency in Government Internet Web site. This bill would require the State Chief Information Officer to develop on the Reporting Transparency in Government Internet Web site a searchable database of that information, as specified. 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 19571 is added to the Revenue and Taxation Code, to read: 19571. (a) For each taxable year beginning on or after January 1, 2010, the Franchise Tax Board shall compile information on any tax expenditure, authorized under  Part 10 (commencing with Section 17001) or  Part 11 (commencing with Section 23001), that is claimed and reported by a taxpayer that is a publicly traded company on the annual return required under Part 10.2 (commencing with Section 18401).  (b) "Publicly traded company" means a company with securities   (b) For the purposes of this section:   (1)    "Publicly traded company" means a company with securities  that are either listed or admitted to trading on a national or foreign exchange, or  is   are  the subject of two-way quotations, such as both bid and asked prices, that  is   are  regularly published by one or more broker-dealers in the National Daily Quotation Service or a similar service.  (2) "Tax expenditure" means a credit against the tax imposed under Part 11 (commencing with Section 23001).  (c) Beginning on March 30, 2012, and by March 30 of each year thereafter, the Franchise Tax Board shall submit the tax expenditure information compiled pursuant to subdivision (a) to the State Chief Information Officer for publication on the Reporting Transparency in Government Internet Web site. (d) The State Chief Information Officer shall develop on the Reporting Transparency in Government Internet Web site a searchable database by company name and the amount of tax expenditures claimed, to increase public awareness of the amount and scope of tax expenditures for businesses in this state.