California Assembly Bill AB1255 Amended / Bill

 BILL NUMBER: AB 1255AMENDED BILL TEXT AMENDED IN ASSEMBLY MARCH 26, 2015 INTRODUCED BY Assembly Member Thurmond FEBRUARY 27, 2015 An act to  amend Section 17004 of   add Sections 17053.83 and 23683 to  the Revenue and Taxation Code, relating to taxation  , to take effect im   mediately, tax levy  . LEGISLATIVE COUNSEL'S DIGEST AB 1255, as amended, Thurmond.  Personal income taxes.   Income and corporation taxes: credit: donation of apparently wholesome food.  The Personal Income Tax Law  defines a taxpayer for purposes of that law.   and the Bank and Corporation Tax Law allow various credits against the taxes imposed by those laws.  This bill would  make technical, nonsubstantive changes to that definition.   allow a credit against those taxes for each taxable year, beginning on and after January 2015, a taxpayer donates apparently wholesome food, as defined, from any trade or business of the   taxpayer to an organization located in California and exempt from federal income taxation, as specified.   This bill would take effect immediately as a tax levy.  Vote: majority. Appropriation: no. Fiscal committee:  no   yes  . State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:  SECTION 1.   Section 17053.83 is added to the   Revenue and Taxation Code   , to read:   17053.83. (a) For taxable years beginning on or after January 1, 2015, a taxpayer who donates apparently wholesome food from any trade or business of the taxpayer to an organization located in California and exempt from federal income taxation as an organization described in Section 501(c)(3) of the Internal Revenue Code shall be allowed a credit against the "net tax," as defined in Section 17039, equal to 15 percent of the fair market value of the contribution. (b) For purposes of this section, "apparently wholesome food" has the same meaning as the term in Section 170 of Title 26 of the United States Code, as of January 1, 2015. (c) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section. (d) Section 41 does not apply to the credit allowed by this section.   SEC. 2.   Section 23683 is added to the   Revenue and Taxation Code   , to read:   23683. (a) For taxable years beginning on or after January 1, 2015, a taxpayer that donates apparently wholesome food from any trade or business of the taxpayer to an organization located in California and exempt from federal income taxation as an organization described in Section 501(c)(3) of the Internal Revenue Code shall be allowed a credit against the "tax," as defined in Section 23036, equal to 15 percent of the fair market value of the contribution. (b) For purposes of this section, "apparently wholesome food" has the same meaning as the term in Section 170 of Title 26 of the United States Code, as of January 1, 2015. (c) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section. (d) Section 41 does not apply to the credit allowed by this section.   SEC. 3.   This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.   SECTION 1.   Section 17004 of the Revenue and Taxation Code is amended to read: 17004. "Taxpayer" includes any individual, fiduciary, estate, or trust subject to any tax that is imposed by this part, or any partnership.