BILL NUMBER: AB 2439INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Eng (Coauthor: Assembly Member Skinner) FEBRUARY 24, 2012 An act to add Section 19573 to the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 2439, as introduced, Eng. Corporation taxes: payments: disclosure. The Personal Income Tax Law and the Corporation Tax Law impose taxes on, or measured by, income. Existing law requires the Franchise Tax Board to make available as a matter of public record each calendar year a list of the 250 largest tax delinquencies in excess of $100,000, and requires the list to include specified information with respect to each delinquency. This bill would require the Controller, upon receipt of tax payment information disclosed by specified corporations, to both publish that payment information and make that information a matter of public record, as provided. This bill would also make findings and declarations regarding this provision. 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. The Legislature finds and declares all of the following: (a) Publicly traded corporations are required to disclose their federal and state corporation tax payments to the federal Securities and Exchange Commission through the Form 10-K. State tax payments, however, are aggregated without regard to state, so the information available at the federal level does not specify particular states. (b) Recent changes in the state's Corporation Tax Law which provide for the elective use of single-sales factor apportionment, combined with other provisions in this area of tax law, have had little analysis and scrutiny with regard to their impact on taxpayers and California. (c) Therefore, it is the intent of the Legislature, in adding Section 19573 to the Revenue and Taxation Code, to supplement federal tax reporting requirements for those corporations filing a Form 10-K by adding a single data point that is reported to the Controller and made publicly available. This single data point discloses the amount of specified tax payments made to the state by those corporations already required to disclose their federal and state tax payments. SEC. 2. Section 19573 is added to the Revenue and Taxation Code, to read: 19573. (a) Each corporation that is required to file an annual Form 10-K with the federal Securities and Exchange Commission shall annually disclose the payments made pursuant to Part 11 (commencing with 23001) for the previous taxable year to the Controller within three months of the corporation's filing deadline. (b) (1) Notwithstanding any other provision of law, the Controller shall publish the payment information disclosed pursuant to subdivision (a) on its Internet Web site and shall maintain a record, available to the public, of that information. (2) If the payment amount is contested or otherwise under dispute, by either the taxpayer subject to the taxes imposed pursuant to Part 11 (commencing with Section 23001) or the Franchise Tax Board, the Controller shall include that information on the Controller's Internet Web site and in its records.