California Assembly Bill AB2439 Amended / Bill

 BILL NUMBER: AB 2439AMENDED BILL TEXT AMENDED IN ASSEMBLY MAY 2, 2012 AMENDED IN ASSEMBLY APRIL 11, 2012 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 amended, 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 specified  income  tax  payment   liability and income apportionment  information that the bill would require to be 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 require the Franchise Tax Board to provide the Controller with specified information.  This bill would also make findings and declarations regarding  this provision   the intent of the Legislature  . 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   taxes  to the federal Securities and Exchange Commission through the Form 10-K. State  tax payments   corporation taxes  , however, are aggregated without regard to state, so the information available at the federal level does not specify  corporation taxes of  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   would be  reported to the Controller and made publicly available. This single data point  discloses   would disclose  the amount of specified tax  payments made to the state by  liability of  those corporations  that are  already required to disclose their federal and  aggregate  state  tax payments   corporation taxes  . SEC. 2. Section 19573 is added to the Revenue and Taxation Code, to read: 19573. (a) (1) 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   its amount of tax liability with respect to the taxes imposed by  Part 11 (commencing with 23001) for the previous taxable year  and whether the corporation made an election to apportion its income in accordance with Section 25128.5 for the previous taxable year  to the Controller within three months of the corporation's  filing  deadline  for filing its annual Form 10-K with the federal Securities and Exchange Commission, in a form and manner as prescribed by the Controller  . (2) On or before April 1, 2013, each corporation that is required to file an annual Form 10-K with the federal Securities and Exchange Commission shall disclose  the payments made pursuant to   its amount of tax liability with respect to the taxes imposed by  Part 11 (commencing with 23001) for the 2010 and 2011 taxable years  and whether the corporation made an election to apportion its income in accordance with Section 25128.5 for the 2011 taxable year  to the Controller  in a form and manner as prescribed by the Controller  . (b) (1) Notwithstanding any other provision of law, the Controller shall publish the  payment  information disclosed pursuant to subdivision (a) on  its   the Controller's  Internet Web site and shall maintain a record, available to the public, of that information. (2) If the  payment   tax liability  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   the Controller's  records.  The Franchise Tax Board shall provide the Controller with the information needed to comply with this paragraph.   (3) The Controller shall publish the information disclosed pursuant to subdivision (a) two years after the date the information is required to be submitted.   (c) For purposes of this section, "tax liability" means the amount of tax owed after the application of any credits and excluding overpayments, estimated tax payments, withholding, or amounts paid with an extension of time to file tax return.