California Assembly Bill AB2439 Amended / Bill

 BILL NUMBER: AB 2439AMENDED BILL TEXT AMENDED IN ASSEMBLY MAY 25, 2012 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: 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  , on and after specified dates,  require the  Controller   Franchise Tax Board to make available  , upon  receipt of   request,  specified  income   corporation  tax liability and income apportionment information  that the bill would require to be disclosed by specified corporations  , to both publish that 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 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 taxes to the federal Securities and Exchange Commission through the Form 10-K. State 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 would be  reported to the Controller and made publicly  available  to the public upon request  . This single data point would disclose the amount of specified tax liability of those corporations that are already required to disclose their federal and aggregate state corporation taxes. SEC. 2. Section 19573 is added to the Revenue and Taxation Code, to read: 19573. (a) (1)  Each   On and after September 1, 2014, the Franchise Tax Board shall make available, upon request, information regarding the tax liability of each  corporation that is required to file an annual Form 10-K with the federal Securities and Exchange  Commission shall annually disclose its amount of   Commission. The information made available upon request shall be the  tax liability  for a specified corporation  with respect to the taxes imposed by Part 11 (commencing with 23001) for the  previous  taxable year  that closed two years before the request made pursuant to this subdivision  and whether the corporation made an election to apportion its income in accordance with Section 25128.5 for  the previous   that  taxable year  to the Controller within three months of the corporation's 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   September  1, 2013,  the Franchise Tax Board shall make available, upon request, information regarding the tax liability of  each corporation that is required to file an annual Form 10-K with the federal Securities and Exchange  Commission shall disclose its amount of   Commission. The information made available upon request shall be the  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 information disclosed pursuant to subdivision (a) on the Controller's Internet Web site and shall maintain a record, available to the public, of that information.   (2)   (b)  If the 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 the Controller's records. The Franchise Tax Board shall provide the Controller with the information needed to comply with this paragraph   Franchise Tax Board shall so indicate in its response to a request for information regarding the tax liability of a corporation  .  (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.