CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 388Introduced by Senator MorrellFebruary 14, 2017 An act relating to taxation. LEGISLATIVE COUNSEL'S DIGESTSB 388, as introduced, Morrell. Taxation: federal conformity: tax holiday.The Personal Income Tax Law and the Corporation Tax Law impose taxes upon taxable income, as specified, and allow various exclusions and deductions in conformity or modified conformity with federal income tax laws, in computing the income that is subject to the taxes imposed by those laws.This bill would state the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from the moneys repatriated into the state during the same period.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. It is the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from moneys repatriated into the state during the same period.
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 388Introduced by Senator MorrellFebruary 14, 2017 An act relating to taxation. LEGISLATIVE COUNSEL'S DIGESTSB 388, as introduced, Morrell. Taxation: federal conformity: tax holiday.The Personal Income Tax Law and the Corporation Tax Law impose taxes upon taxable income, as specified, and allow various exclusions and deductions in conformity or modified conformity with federal income tax laws, in computing the income that is subject to the taxes imposed by those laws.This bill would state the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from the moneys repatriated into the state during the same period.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
Senate Bill No. 388
Introduced by Senator MorrellFebruary 14, 2017
Introduced by Senator Morrell
February 14, 2017
An act relating to taxation.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
SB 388, as introduced, Morrell. Taxation: federal conformity: tax holiday.
The Personal Income Tax Law and the Corporation Tax Law impose taxes upon taxable income, as specified, and allow various exclusions and deductions in conformity or modified conformity with federal income tax laws, in computing the income that is subject to the taxes imposed by those laws.This bill would state the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from the moneys repatriated into the state during the same period.
The Personal Income Tax Law and the Corporation Tax Law impose taxes upon taxable income, as specified, and allow various exclusions and deductions in conformity or modified conformity with federal income tax laws, in computing the income that is subject to the taxes imposed by those laws.
This bill would state the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from the moneys repatriated into the state during the same period.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. It is the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from moneys repatriated into the state during the same period.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. It is the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from moneys repatriated into the state during the same period.
SECTION 1. It is the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from moneys repatriated into the state during the same period.
SECTION 1. It is the intent of the Legislature, if federal income tax laws provide for a tax holiday for corporate moneys repatriated into the United States, to enact legislation reducing the rates of tax imposed upon the income derived from moneys repatriated into the state during the same period.
### SECTION 1.