California Assembly Bill AB205 Amended / Bill

 BILL NUMBER: AB 205AMENDED BILL TEXT AMENDED IN ASSEMBLY FEBRUARY 16, 2011 INTRODUCED BY Assembly Member Hagman JANUARY 27, 2011 An act to add Section 17053.44 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. LEGISLATIVE COUNSEL'S DIGEST AB 205, as amended, Hagman. Income taxes:  New   Car Buyer Incentive Act: credit: vehicle registration. The Personal Income Tax Law authorizes various credits against the taxes imposed by that law. This bill would, for taxable years beginning on or after  Janaury   January  1,  2011   2010  , authorize a credit under the Personal Income Tax Law for qualified costs, as defined, paid by a taxpayer for the registration of a qualified vehicle, as provided.  The bill would make a legislative finding and declaration regarding the public purpose served by the bill.  This bill would take effect immediately as a tax levy. 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.   This act shall be known, and may be cited, as the New Car Buyer Incentive Act.   SECTION 1.   SEC. 2.  Section 17053.44 is added to the Revenue and Taxation Code, to read: 17053.44. (a) For each taxable year beginning on or after January 1,  2011   2010  , there shall be allowed as a credit against the "net tax," as defined in Section 17039, an amount equal to the qualified costs paid by a taxpayer for the registration of a qualified vehicle. (b) For purposes of this section: (1) "Qualifed costs" means the registration fees for a qualified vehicle pursuant to Article 2 (commencing with Section 9250) of Chapter 6 of Division 3 of the Vehicle Code, paid by a qualified taxpayer during the taxable year  and that is either sold or traded in to purchase the new vehicle  . (2) "Qualified vehicle" means a vehicle for which a taxpayer has paid qualified costs previous to the purchase by the taxpayer of a new vehicle for which the taxpayer has also paid registration fees pursuant to Article 2 (commencing with Section 9250) of Chapter 6 of Division 3 of the Vehicle Code during the same calendar year.  SEC. 3.   The Legislature finds and declares that the credit allowed to taxpayers by this act with respect to the 2010 taxable year serves a public purpose of encouraging the purchase of more energy efficient and economical vehicles to benefit the environment of all Californians and does not constitute a gift of public funds within the meaning of Section 6 of Article XVI of the California Constitution.   SEC. 2.   SEC. 4.  This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.