California Assembly Bill AB1040 Introduced / Bill

 BILL NUMBER: AB 1040INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Ting FEBRUARY 26, 2015 An act to amend Section 19522 of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 1040, as introduced, Ting. Franchise Tax Board: federal tax law changes: report. Existing law, requires the Franchise Tax Board to submit to the Legislature, and to make available to the public, on or before January 10 of each year, a report on all of the changes to the Internal Revenue Code enacted into law in the prior year, as provided. This bill would instead require that report to be submitted and made available on or before February 1 of each year. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 19522 of the Revenue and Taxation Code is amended to read: 19522. (a) (1) (A) On or before  the 10th of January   February 1 of  each year, the Franchise Tax Board shall submit to the Legislature a report on all changes to the Internal Revenue Code enacted into law in the prior year. To the extent possible, the report shall contain an estimate of the revenue effect of conforming California law to each of those changes. (B) In the event that changes to the Internal Revenue Code are enacted after September 15 of any year, the report described in subparagraph (A) shall be submitted to the Legislature within 120 days after signature by the President of the United States, rather than the 10th of January. (2) The report required by this section shall be made available to the public. (3) It is the intent of the Legislature that the policy committee of each house of the Legislature hold at least one public hearing on the report required by this section. (b) For any introduced bill which proposes changes in any of the dates in Section 17024.5, the Franchise Tax Board shall prepare a complete analysis of the bill which describes all changes to state law which will automatically occur by reference to federal law as of the changed date. The Franchise Tax Board shall immediately update and supplement that analysis upon any amendment to the bill. That analysis shall be made available to the public and shall be submitted to the Legislature for publication in the daily journal of each house of the Legislature. The digest of the Legislative Counsel shall indicate that an analysis of the bill shall be prepared by the Franchise Tax Board and printed in the daily journal of each house of the Legislature.