| 1 | | - | Amended IN Assembly April 15, 2024 Amended IN Assembly March 18, 2024 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2486Introduced by Assembly Member Vince FongFebruary 13, 2024An act to amend Sections 19603 and 19604 of, and to add Section 19501.5 to 19606 to, the Revenue and Taxation Code, relating to taxation.LEGISLATIVE COUNSEL'S DIGESTAB 2486, as amended, Vince Fong. Personal Income Tax Law: Corporation Tax Law: administration: Income and Franchise Tax Tax Stabilization Fund.The Personal Income Tax Law and the Corporation Tax Law impose taxes based upon taxable income at specified rates. Existing law requires all moneys and remittances received by the Franchise Tax Board as amounts imposed under those laws, except as provided, to be deposited into the Personal Income Tax Fund or the Corporation Tax Fund, as specified. Existing law requires amounts deposited into the Personal Income Tax Fund and the Corporation Tax Fund to be drawn upon for the purpose of making refunds or be transferred to the General Fund. This bill would create the Income and Franchise Tax Tax Stabilization Fund in the State Treasury, and would require that all revenues collected pursuant to those laws, less refunds, be deposited in that fund. to be administered by the Franchise Tax Board. The bill would require amounts deposited in the Personal Income Tax Fund and the Corporation Tax Fund to be drawn upon for the purpose of making refunds or be transferred to the Income Tax Stabilization Fund instead of the General Fund. The bill would require the Controller to annually transfer from that fund the Income Tax Stabilization Fund to the General Fund an amount not to exceed the average revenues generated pursuant to the Personal Income Tax Law and the Corporation Tax Law, amounts deposited in the Personal Income Tax Fund and the Corporation Tax Fund, less refunds, over the prior 5 fiscal years. The bill would adjust the amount of the transfer for inflation, as provided.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 19603 of the Revenue and Taxation Code is amended to read:19603. The balance of the moneys in the Personal Income Tax Fund shall, upon order of the Controller, be drawn therefrom for the purpose of making refunds under this part or be transferred to the General Income Tax Stabilization Fund. All undelivered refund warrants shall be redeposited in the Personal Income Tax Fund upon receipt by the Controller.SEC. 2. Section 19604 of the Revenue and Taxation Code is amended to read:19604. (a) Except for fees received for services under Section 23305e, all moneys and remittances received by the Franchise Tax Board as amounts imposed under Part 11 (commencing with Section 23001), and related penalties, additions to tax, fees, and interest imposed under this part, shall be deposited in a special fund in the State Treasury, to be designated the Corporation Tax Fund. The moneys in the fund shall, upon the order of the Controller, be drawn therefrom for the purpose of making refunds under this part or be transferred into theGeneral Income Tax Stabilization Fund. All undelivered refund warrants shall be redeposited into the Corporation Tax Fund upon receipt by the Controller. Fees received for services under Section 23305e shall be treated as reimbursement of the Franchise Tax Boards costs and shall be deposited into the General Fund.(b) Notwithstanding Section 13340 of the Government Code, all moneys in the Corporation Tax Fund are hereby continuously appropriated, without regard to fiscal year, to the Franchise Tax Board for purposes of making all payments as provided in this section.SECTION 1.Section 19501.5 is added to the Revenue and Taxation Code, to read:19501.5.(a)Notwithstanding any other law, all revenues collected pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, shall be deposited into the Income and Franchise Tax Fund, which is hereby created in the State Treasury.SEC. 3. Section 19606 is added to the Revenue and Taxation Code, to read:19606. There is hereby established in the State Treasury, the Income Tax Stabilization Fund, to be administered by the Franchise Tax Board.(b) (1) The Controller shall annually transfer from the Income and Franchise Tax Tax Stabilization Fund to the General Fund an amount not to exceed the average revenues generated pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, for the prior five fiscal years. sum of the following:(A) The average amount deposited into the Personal Income Tax Fund pursuant to Section 1585.5 of the Unemployment Insurance Code and Section 19602 of this code, less refunds, for the prior five fiscal years.(B) The average amount deposited into the Corporation Tax Fund, pursuant to Sections 19604 and 19607, less refunds, for the prior five fiscal years.(2) The transfer in paragraph (1) shall be adjusted for inflation as follows:(A) The California Department of Industrial Relations shall transmit annually to the Controller the percentage change in the California Consumer Price Index for all items from June of the prior calendar year to June of the current calendar year, no later than August 1 of the current calendar year.(B) The Controller shall do both of the following:(i) Compute an inflation adjustment factor by adding 100 percent to the percentage change figure that is furnished pursuant to paragraph (1) subparagraph (A) and dividing the result by 100.(ii) Multiply the five-year average revenues amounts described in subparagraphs (A) and (B) of paragraph (1) by the inflation adjustment factor determined in clause (i) and round off the resulting products to the nearest one dollar ($1). |
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| 1 | + | Amended IN Assembly March 18, 2024 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2486Introduced by Assembly Member Vince FongFebruary 13, 2024An act to amend Section 17053.12 of add Section 19501.5 to the Revenue and Taxation Code, relating to taxation.LEGISLATIVE COUNSEL'S DIGESTAB 2486, as amended, Vince Fong. Personal Income Tax Law: credit: donated agricultural products. Personal Income Tax Law: Corporation Tax Law: administration: Income and Franchise Tax Fund.The Personal Income Tax Law and the Corporation Tax Law impose taxes based upon taxable income at specified rates. This bill would create the Income and Franchise Tax Fund in the State Treasury, and would require that all revenues collected pursuant to those laws, less refunds, be deposited in that fund. The bill would require the Controller to annually transfer from that fund to the General Fund an amount not to exceed the average revenues generated pursuant to the Personal Income Tax Law and the Corporation Tax Law, less refunds, over the prior 5 fiscal years. The bill would adjust the amount of the transfer for inflation, as provided.The Personal Income Tax Law allows to a taxpayer who transports a donated agricultural product, as specified, a credit against the net tax in an amount equal to 50 percent of the transportation costs paid or incurred by the taxpayer in connection with the transportation of that donated agricultural product.This bill would make a nonsubstantive change to that provision.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NOYES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 19501.5 is added to the Revenue and Taxation Code, to read:19501.5. (a) Notwithstanding any other law, all revenues collected pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, shall be deposited into the Income and Franchise Tax Fund, which is hereby created in the State Treasury.(b) (1) The Controller shall annually transfer from the Income and Franchise Tax Fund to the General Fund an amount not to exceed the average revenues generated pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, for the prior five fiscal years.(2) The transfer in paragraph (1) shall be adjusted for inflation as follows:(A) The California Department of Industrial Relations shall transmit annually to the Controller the percentage change in the California Consumer Price Index for all items from June of the prior calendar year to June of the current calendar year, no later than August 1 of the current calendar year.(B) The Controller shall do both of the following:(i) Compute an inflation adjustment factor by adding 100 percent to the percentage change figure that is furnished pursuant to paragraph (1) and dividing the result by 100.(ii) Multiply the five-year average revenues by the inflation adjustment factor determined in clause (i) and round off the resulting products to the nearest one dollar ($1).SECTION 1.Section 17053.12 of the Revenue and Taxation Code is amended to read:17053.12.(a)In the case of a taxpayer who transports an agricultural product donated in accordance with Chapter 5 (commencing with Section 58501) of Part 1 of Division 21 of the Food and Agricultural Code, for taxable years beginning on or after January 1, 1996, there shall be allowed as a credit against the net tax (as defined by Section 17039), an amount equal to 50 percent of the transportation costs paid or incurred by the taxpayer in connection with the transportation of that donated agricultural product.(b)If any credit allowed by this section is claimed by the taxpayer, any deduction otherwise allowed under this part for that amount of the cost paid or incurred by the taxpayer which is eligible for the credit that is claimed shall be reduced by the amount of the credit allowed.(c)Upon delivery of the donated agricultural product by a taxpayer authorized to claim a credit pursuant to subdivision (a), the nonprofit charitable organization shall provide a certificate to the taxpayer who transported the agricultural product. The certificate shall contain a statement signed and dated by a person authorized by that organization that the product is donated under Chapter 5 (commencing with Section 58501) of Part 1 of Division 21 of the Food and Agricultural Code. The certificate shall also contain the following information: the type and quantity of product donated, the distance transported, the name of the transporter, the name of the taxpayer donor, and the name and address of the donee. Upon the request of the Franchise Tax Board, the taxpayer shall provide a copy of the certification to the Franchise Tax Board.(d)In the case where any credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding years if necessary, until the credit has been exhausted. |
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| 3 | | - | Amended IN Assembly April 15, 2024 Amended IN Assembly March 18, 2024 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2486Introduced by Assembly Member Vince FongFebruary 13, 2024An act to amend Sections 19603 and 19604 of, and to add Section 19501.5 to 19606 to, the Revenue and Taxation Code, relating to taxation.LEGISLATIVE COUNSEL'S DIGESTAB 2486, as amended, Vince Fong. Personal Income Tax Law: Corporation Tax Law: administration: Income and Franchise Tax Tax Stabilization Fund.The Personal Income Tax Law and the Corporation Tax Law impose taxes based upon taxable income at specified rates. Existing law requires all moneys and remittances received by the Franchise Tax Board as amounts imposed under those laws, except as provided, to be deposited into the Personal Income Tax Fund or the Corporation Tax Fund, as specified. Existing law requires amounts deposited into the Personal Income Tax Fund and the Corporation Tax Fund to be drawn upon for the purpose of making refunds or be transferred to the General Fund. This bill would create the Income and Franchise Tax Tax Stabilization Fund in the State Treasury, and would require that all revenues collected pursuant to those laws, less refunds, be deposited in that fund. to be administered by the Franchise Tax Board. The bill would require amounts deposited in the Personal Income Tax Fund and the Corporation Tax Fund to be drawn upon for the purpose of making refunds or be transferred to the Income Tax Stabilization Fund instead of the General Fund. The bill would require the Controller to annually transfer from that fund the Income Tax Stabilization Fund to the General Fund an amount not to exceed the average revenues generated pursuant to the Personal Income Tax Law and the Corporation Tax Law, amounts deposited in the Personal Income Tax Fund and the Corporation Tax Fund, less refunds, over the prior 5 fiscal years. The bill would adjust the amount of the transfer for inflation, as provided.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO |
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| 3 | + | Amended IN Assembly March 18, 2024 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2486Introduced by Assembly Member Vince FongFebruary 13, 2024An act to amend Section 17053.12 of add Section 19501.5 to the Revenue and Taxation Code, relating to taxation.LEGISLATIVE COUNSEL'S DIGESTAB 2486, as amended, Vince Fong. Personal Income Tax Law: credit: donated agricultural products. Personal Income Tax Law: Corporation Tax Law: administration: Income and Franchise Tax Fund.The Personal Income Tax Law and the Corporation Tax Law impose taxes based upon taxable income at specified rates. This bill would create the Income and Franchise Tax Fund in the State Treasury, and would require that all revenues collected pursuant to those laws, less refunds, be deposited in that fund. The bill would require the Controller to annually transfer from that fund to the General Fund an amount not to exceed the average revenues generated pursuant to the Personal Income Tax Law and the Corporation Tax Law, less refunds, over the prior 5 fiscal years. The bill would adjust the amount of the transfer for inflation, as provided.The Personal Income Tax Law allows to a taxpayer who transports a donated agricultural product, as specified, a credit against the net tax in an amount equal to 50 percent of the transportation costs paid or incurred by the taxpayer in connection with the transportation of that donated agricultural product.This bill would make a nonsubstantive change to that provision.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NOYES Local Program: NO |
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| 39 | | - | The people of the State of California do enact as follows:SECTION 1. Section 19603 of the Revenue and Taxation Code is amended to read:19603. The balance of the moneys in the Personal Income Tax Fund shall, upon order of the Controller, be drawn therefrom for the purpose of making refunds under this part or be transferred to the General Income Tax Stabilization Fund. All undelivered refund warrants shall be redeposited in the Personal Income Tax Fund upon receipt by the Controller.SEC. 2. Section 19604 of the Revenue and Taxation Code is amended to read:19604. (a) Except for fees received for services under Section 23305e, all moneys and remittances received by the Franchise Tax Board as amounts imposed under Part 11 (commencing with Section 23001), and related penalties, additions to tax, fees, and interest imposed under this part, shall be deposited in a special fund in the State Treasury, to be designated the Corporation Tax Fund. The moneys in the fund shall, upon the order of the Controller, be drawn therefrom for the purpose of making refunds under this part or be transferred into theGeneral Income Tax Stabilization Fund. All undelivered refund warrants shall be redeposited into the Corporation Tax Fund upon receipt by the Controller. Fees received for services under Section 23305e shall be treated as reimbursement of the Franchise Tax Boards costs and shall be deposited into the General Fund.(b) Notwithstanding Section 13340 of the Government Code, all moneys in the Corporation Tax Fund are hereby continuously appropriated, without regard to fiscal year, to the Franchise Tax Board for purposes of making all payments as provided in this section.SECTION 1.Section 19501.5 is added to the Revenue and Taxation Code, to read:19501.5.(a)Notwithstanding any other law, all revenues collected pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, shall be deposited into the Income and Franchise Tax Fund, which is hereby created in the State Treasury.SEC. 3. Section 19606 is added to the Revenue and Taxation Code, to read:19606. There is hereby established in the State Treasury, the Income Tax Stabilization Fund, to be administered by the Franchise Tax Board.(b) (1) The Controller shall annually transfer from the Income and Franchise Tax Tax Stabilization Fund to the General Fund an amount not to exceed the average revenues generated pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, for the prior five fiscal years. sum of the following:(A) The average amount deposited into the Personal Income Tax Fund pursuant to Section 1585.5 of the Unemployment Insurance Code and Section 19602 of this code, less refunds, for the prior five fiscal years.(B) The average amount deposited into the Corporation Tax Fund, pursuant to Sections 19604 and 19607, less refunds, for the prior five fiscal years.(2) The transfer in paragraph (1) shall be adjusted for inflation as follows:(A) The California Department of Industrial Relations shall transmit annually to the Controller the percentage change in the California Consumer Price Index for all items from June of the prior calendar year to June of the current calendar year, no later than August 1 of the current calendar year.(B) The Controller shall do both of the following:(i) Compute an inflation adjustment factor by adding 100 percent to the percentage change figure that is furnished pursuant to paragraph (1) subparagraph (A) and dividing the result by 100.(ii) Multiply the five-year average revenues amounts described in subparagraphs (A) and (B) of paragraph (1) by the inflation adjustment factor determined in clause (i) and round off the resulting products to the nearest one dollar ($1). |
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| 46 | + | The people of the State of California do enact as follows:SECTION 1. Section 19501.5 is added to the Revenue and Taxation Code, to read:19501.5. (a) Notwithstanding any other law, all revenues collected pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, shall be deposited into the Income and Franchise Tax Fund, which is hereby created in the State Treasury.(b) (1) The Controller shall annually transfer from the Income and Franchise Tax Fund to the General Fund an amount not to exceed the average revenues generated pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, for the prior five fiscal years.(2) The transfer in paragraph (1) shall be adjusted for inflation as follows:(A) The California Department of Industrial Relations shall transmit annually to the Controller the percentage change in the California Consumer Price Index for all items from June of the prior calendar year to June of the current calendar year, no later than August 1 of the current calendar year.(B) The Controller shall do both of the following:(i) Compute an inflation adjustment factor by adding 100 percent to the percentage change figure that is furnished pursuant to paragraph (1) and dividing the result by 100.(ii) Multiply the five-year average revenues by the inflation adjustment factor determined in clause (i) and round off the resulting products to the nearest one dollar ($1).SECTION 1.Section 17053.12 of the Revenue and Taxation Code is amended to read:17053.12.(a)In the case of a taxpayer who transports an agricultural product donated in accordance with Chapter 5 (commencing with Section 58501) of Part 1 of Division 21 of the Food and Agricultural Code, for taxable years beginning on or after January 1, 1996, there shall be allowed as a credit against the net tax (as defined by Section 17039), an amount equal to 50 percent of the transportation costs paid or incurred by the taxpayer in connection with the transportation of that donated agricultural product.(b)If any credit allowed by this section is claimed by the taxpayer, any deduction otherwise allowed under this part for that amount of the cost paid or incurred by the taxpayer which is eligible for the credit that is claimed shall be reduced by the amount of the credit allowed.(c)Upon delivery of the donated agricultural product by a taxpayer authorized to claim a credit pursuant to subdivision (a), the nonprofit charitable organization shall provide a certificate to the taxpayer who transported the agricultural product. The certificate shall contain a statement signed and dated by a person authorized by that organization that the product is donated under Chapter 5 (commencing with Section 58501) of Part 1 of Division 21 of the Food and Agricultural Code. The certificate shall also contain the following information: the type and quantity of product donated, the distance transported, the name of the transporter, the name of the taxpayer donor, and the name and address of the donee. Upon the request of the Franchise Tax Board, the taxpayer shall provide a copy of the certification to the Franchise Tax Board.(d)In the case where any credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding years if necessary, until the credit has been exhausted. |
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| 61 | | - | SEC. 2. Section 19604 of the Revenue and Taxation Code is amended to read:19604. (a) Except for fees received for services under Section 23305e, all moneys and remittances received by the Franchise Tax Board as amounts imposed under Part 11 (commencing with Section 23001), and related penalties, additions to tax, fees, and interest imposed under this part, shall be deposited in a special fund in the State Treasury, to be designated the Corporation Tax Fund. The moneys in the fund shall, upon the order of the Controller, be drawn therefrom for the purpose of making refunds under this part or be transferred into theGeneral Income Tax Stabilization Fund. All undelivered refund warrants shall be redeposited into the Corporation Tax Fund upon receipt by the Controller. Fees received for services under Section 23305e shall be treated as reimbursement of the Franchise Tax Boards costs and shall be deposited into the General Fund.(b) Notwithstanding Section 13340 of the Government Code, all moneys in the Corporation Tax Fund are hereby continuously appropriated, without regard to fiscal year, to the Franchise Tax Board for purposes of making all payments as provided in this section. |
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| 62 | | - | |
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| 63 | | - | SEC. 2. Section 19604 of the Revenue and Taxation Code is amended to read: |
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| 64 | | - | |
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| 65 | | - | ### SEC. 2. |
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| 67 | | - | 19604. (a) Except for fees received for services under Section 23305e, all moneys and remittances received by the Franchise Tax Board as amounts imposed under Part 11 (commencing with Section 23001), and related penalties, additions to tax, fees, and interest imposed under this part, shall be deposited in a special fund in the State Treasury, to be designated the Corporation Tax Fund. The moneys in the fund shall, upon the order of the Controller, be drawn therefrom for the purpose of making refunds under this part or be transferred into theGeneral Income Tax Stabilization Fund. All undelivered refund warrants shall be redeposited into the Corporation Tax Fund upon receipt by the Controller. Fees received for services under Section 23305e shall be treated as reimbursement of the Franchise Tax Boards costs and shall be deposited into the General Fund.(b) Notwithstanding Section 13340 of the Government Code, all moneys in the Corporation Tax Fund are hereby continuously appropriated, without regard to fiscal year, to the Franchise Tax Board for purposes of making all payments as provided in this section. |
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| 68 | | - | |
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| 69 | | - | 19604. (a) Except for fees received for services under Section 23305e, all moneys and remittances received by the Franchise Tax Board as amounts imposed under Part 11 (commencing with Section 23001), and related penalties, additions to tax, fees, and interest imposed under this part, shall be deposited in a special fund in the State Treasury, to be designated the Corporation Tax Fund. The moneys in the fund shall, upon the order of the Controller, be drawn therefrom for the purpose of making refunds under this part or be transferred into theGeneral Income Tax Stabilization Fund. All undelivered refund warrants shall be redeposited into the Corporation Tax Fund upon receipt by the Controller. Fees received for services under Section 23305e shall be treated as reimbursement of the Franchise Tax Boards costs and shall be deposited into the General Fund.(b) Notwithstanding Section 13340 of the Government Code, all moneys in the Corporation Tax Fund are hereby continuously appropriated, without regard to fiscal year, to the Franchise Tax Board for purposes of making all payments as provided in this section. |
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| 70 | | - | |
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| 71 | | - | 19604. (a) Except for fees received for services under Section 23305e, all moneys and remittances received by the Franchise Tax Board as amounts imposed under Part 11 (commencing with Section 23001), and related penalties, additions to tax, fees, and interest imposed under this part, shall be deposited in a special fund in the State Treasury, to be designated the Corporation Tax Fund. The moneys in the fund shall, upon the order of the Controller, be drawn therefrom for the purpose of making refunds under this part or be transferred into theGeneral Income Tax Stabilization Fund. All undelivered refund warrants shall be redeposited into the Corporation Tax Fund upon receipt by the Controller. Fees received for services under Section 23305e shall be treated as reimbursement of the Franchise Tax Boards costs and shall be deposited into the General Fund.(b) Notwithstanding Section 13340 of the Government Code, all moneys in the Corporation Tax Fund are hereby continuously appropriated, without regard to fiscal year, to the Franchise Tax Board for purposes of making all payments as provided in this section. |
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| 75 | | - | 19604. (a) Except for fees received for services under Section 23305e, all moneys and remittances received by the Franchise Tax Board as amounts imposed under Part 11 (commencing with Section 23001), and related penalties, additions to tax, fees, and interest imposed under this part, shall be deposited in a special fund in the State Treasury, to be designated the Corporation Tax Fund. The moneys in the fund shall, upon the order of the Controller, be drawn therefrom for the purpose of making refunds under this part or be transferred into theGeneral Income Tax Stabilization Fund. All undelivered refund warrants shall be redeposited into the Corporation Tax Fund upon receipt by the Controller. Fees received for services under Section 23305e shall be treated as reimbursement of the Franchise Tax Boards costs and shall be deposited into the General Fund. |
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| 76 | | - | |
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| 77 | | - | (b) Notwithstanding Section 13340 of the Government Code, all moneys in the Corporation Tax Fund are hereby continuously appropriated, without regard to fiscal year, to the Franchise Tax Board for purposes of making all payments as provided in this section. |
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| 83 | | - | (a)Notwithstanding any other law, all revenues collected pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, shall be deposited into the Income and Franchise Tax Fund, which is hereby created in the State Treasury. |
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| 87 | | - | SEC. 3. Section 19606 is added to the Revenue and Taxation Code, to read:19606. There is hereby established in the State Treasury, the Income Tax Stabilization Fund, to be administered by the Franchise Tax Board.(b) (1) The Controller shall annually transfer from the Income and Franchise Tax Tax Stabilization Fund to the General Fund an amount not to exceed the average revenues generated pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, for the prior five fiscal years. sum of the following:(A) The average amount deposited into the Personal Income Tax Fund pursuant to Section 1585.5 of the Unemployment Insurance Code and Section 19602 of this code, less refunds, for the prior five fiscal years.(B) The average amount deposited into the Corporation Tax Fund, pursuant to Sections 19604 and 19607, less refunds, for the prior five fiscal years.(2) The transfer in paragraph (1) shall be adjusted for inflation as follows:(A) The California Department of Industrial Relations shall transmit annually to the Controller the percentage change in the California Consumer Price Index for all items from June of the prior calendar year to June of the current calendar year, no later than August 1 of the current calendar year.(B) The Controller shall do both of the following:(i) Compute an inflation adjustment factor by adding 100 percent to the percentage change figure that is furnished pursuant to paragraph (1) subparagraph (A) and dividing the result by 100.(ii) Multiply the five-year average revenues amounts described in subparagraphs (A) and (B) of paragraph (1) by the inflation adjustment factor determined in clause (i) and round off the resulting products to the nearest one dollar ($1). |
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| 89 | | - | SEC. 3. Section 19606 is added to the Revenue and Taxation Code, to read: |
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| 91 | | - | ### SEC. 3. |
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| 93 | | - | 19606. There is hereby established in the State Treasury, the Income Tax Stabilization Fund, to be administered by the Franchise Tax Board.(b) (1) The Controller shall annually transfer from the Income and Franchise Tax Tax Stabilization Fund to the General Fund an amount not to exceed the average revenues generated pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, for the prior five fiscal years. sum of the following:(A) The average amount deposited into the Personal Income Tax Fund pursuant to Section 1585.5 of the Unemployment Insurance Code and Section 19602 of this code, less refunds, for the prior five fiscal years.(B) The average amount deposited into the Corporation Tax Fund, pursuant to Sections 19604 and 19607, less refunds, for the prior five fiscal years.(2) The transfer in paragraph (1) shall be adjusted for inflation as follows:(A) The California Department of Industrial Relations shall transmit annually to the Controller the percentage change in the California Consumer Price Index for all items from June of the prior calendar year to June of the current calendar year, no later than August 1 of the current calendar year.(B) The Controller shall do both of the following:(i) Compute an inflation adjustment factor by adding 100 percent to the percentage change figure that is furnished pursuant to paragraph (1) subparagraph (A) and dividing the result by 100.(ii) Multiply the five-year average revenues amounts described in subparagraphs (A) and (B) of paragraph (1) by the inflation adjustment factor determined in clause (i) and round off the resulting products to the nearest one dollar ($1). |
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| 95 | | - | 19606. There is hereby established in the State Treasury, the Income Tax Stabilization Fund, to be administered by the Franchise Tax Board.(b) (1) The Controller shall annually transfer from the Income and Franchise Tax Tax Stabilization Fund to the General Fund an amount not to exceed the average revenues generated pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, for the prior five fiscal years. sum of the following:(A) The average amount deposited into the Personal Income Tax Fund pursuant to Section 1585.5 of the Unemployment Insurance Code and Section 19602 of this code, less refunds, for the prior five fiscal years.(B) The average amount deposited into the Corporation Tax Fund, pursuant to Sections 19604 and 19607, less refunds, for the prior five fiscal years.(2) The transfer in paragraph (1) shall be adjusted for inflation as follows:(A) The California Department of Industrial Relations shall transmit annually to the Controller the percentage change in the California Consumer Price Index for all items from June of the prior calendar year to June of the current calendar year, no later than August 1 of the current calendar year.(B) The Controller shall do both of the following:(i) Compute an inflation adjustment factor by adding 100 percent to the percentage change figure that is furnished pursuant to paragraph (1) subparagraph (A) and dividing the result by 100.(ii) Multiply the five-year average revenues amounts described in subparagraphs (A) and (B) of paragraph (1) by the inflation adjustment factor determined in clause (i) and round off the resulting products to the nearest one dollar ($1). |
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| 97 | | - | 19606. There is hereby established in the State Treasury, the Income Tax Stabilization Fund, to be administered by the Franchise Tax Board.(b) (1) The Controller shall annually transfer from the Income and Franchise Tax Tax Stabilization Fund to the General Fund an amount not to exceed the average revenues generated pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, for the prior five fiscal years. sum of the following:(A) The average amount deposited into the Personal Income Tax Fund pursuant to Section 1585.5 of the Unemployment Insurance Code and Section 19602 of this code, less refunds, for the prior five fiscal years.(B) The average amount deposited into the Corporation Tax Fund, pursuant to Sections 19604 and 19607, less refunds, for the prior five fiscal years.(2) The transfer in paragraph (1) shall be adjusted for inflation as follows:(A) The California Department of Industrial Relations shall transmit annually to the Controller the percentage change in the California Consumer Price Index for all items from June of the prior calendar year to June of the current calendar year, no later than August 1 of the current calendar year.(B) The Controller shall do both of the following:(i) Compute an inflation adjustment factor by adding 100 percent to the percentage change figure that is furnished pursuant to paragraph (1) subparagraph (A) and dividing the result by 100.(ii) Multiply the five-year average revenues amounts described in subparagraphs (A) and (B) of paragraph (1) by the inflation adjustment factor determined in clause (i) and round off the resulting products to the nearest one dollar ($1). |
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| 101 | | - | 19606. There is hereby established in the State Treasury, the Income Tax Stabilization Fund, to be administered by the Franchise Tax Board. |
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| 102 | | - | |
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| 103 | | - | (b) (1) The Controller shall annually transfer from the Income and Franchise Tax Tax Stabilization Fund to the General Fund an amount not to exceed the average revenues generated pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, for the prior five fiscal years. sum of the following: |
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| 105 | | - | (A) The average amount deposited into the Personal Income Tax Fund pursuant to Section 1585.5 of the Unemployment Insurance Code and Section 19602 of this code, less refunds, for the prior five fiscal years. |
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| 106 | | - | |
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| 107 | | - | (B) The average amount deposited into the Corporation Tax Fund, pursuant to Sections 19604 and 19607, less refunds, for the prior five fiscal years. |
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| 68 | + | (b) (1) The Controller shall annually transfer from the Income and Franchise Tax Fund to the General Fund an amount not to exceed the average revenues generated pursuant to Part 10 (commencing with Section 17001) and Part 11 (commencing with Section 23001), less refunds, for the prior five fiscal years. |
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| 117 | | - | (ii) Multiply the five-year average revenues amounts described in subparagraphs (A) and (B) of paragraph (1) by the inflation adjustment factor determined in clause (i) and round off the resulting products to the nearest one dollar ($1). |
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| 78 | + | (ii) Multiply the five-year average revenues by the inflation adjustment factor determined in clause (i) and round off the resulting products to the nearest one dollar ($1). |
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| 79 | + | |
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| 80 | + | |
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| 81 | + | |
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| 82 | + | |
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| 83 | + | |
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| 84 | + | (a)In the case of a taxpayer who transports an agricultural product donated in accordance with Chapter 5 (commencing with Section 58501) of Part 1 of Division 21 of the Food and Agricultural Code, for taxable years beginning on or after January 1, 1996, there shall be allowed as a credit against the net tax (as defined by Section 17039), an amount equal to 50 percent of the transportation costs paid or incurred by the taxpayer in connection with the transportation of that donated agricultural product. |
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| 85 | + | |
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| 86 | + | |
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| 87 | + | |
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| 88 | + | (b)If any credit allowed by this section is claimed by the taxpayer, any deduction otherwise allowed under this part for that amount of the cost paid or incurred by the taxpayer which is eligible for the credit that is claimed shall be reduced by the amount of the credit allowed. |
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| 89 | + | |
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| 90 | + | |
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| 91 | + | |
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| 92 | + | (c)Upon delivery of the donated agricultural product by a taxpayer authorized to claim a credit pursuant to subdivision (a), the nonprofit charitable organization shall provide a certificate to the taxpayer who transported the agricultural product. The certificate shall contain a statement signed and dated by a person authorized by that organization that the product is donated under Chapter 5 (commencing with Section 58501) of Part 1 of Division 21 of the Food and Agricultural Code. The certificate shall also contain the following information: the type and quantity of product donated, the distance transported, the name of the transporter, the name of the taxpayer donor, and the name and address of the donee. Upon the request of the Franchise Tax Board, the taxpayer shall provide a copy of the certification to the Franchise Tax Board. |
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| 93 | + | |
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| 94 | + | |
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| 95 | + | |
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| 96 | + | (d)In the case where any credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding years if necessary, until the credit has been exhausted. |
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