Chat with an FTB Representative

Tax News


Page 9

PROPOSED BILLS

Continued from page 8

AB 1413 (Hollingsworth)
This bill would fully conform state law to the federal alternative incremental method for purposes of calculating the research and development credit for taxable years beginning on or after January 1, 2001.

AB 1591 (Leslie)
SB 1084 (Haynes)
Both bills would allow a credit for qualified investments in a qualified community development entity.

AB 1625 (Pescetti)
This bill would allow a credit equal to the amounts donated to a nonprofit charitable organization that provides scholarships to low-income children to attend a private school in this state.

AB 1631 (Pescetti)
This bill would allow a credit equal to any contribution made by a taxpayer to a California medical savings account.

ABX2 15 (Rod Pacheco)
This bill would allow a credit, not to exceed $1,000, for qualified costs paid or incurred for energy conservation measures installed and placed in service on the taxpayer's qualified property in this state.

ABX2 29 (Koretz)
This bill would establish a credit and a deduction related to power generation systems. The credit would be equal to an applicable percentage of the cost paid or incurred for the purchase or lease and installation of any onsite power generation system in this state. 

A power generation system would include solar, wind-driven, fuel cell, photovoltaic, and natural gas systems, but would specifically exclude diesel, oil, or steam generation systems.

ABX2 43 (Harman)
This bill would amend two existing credits. The research and development credit rate would be increased from 20 percent to 25 percent for energy conservation and efficiency technology research and development costs. The Manufacturer's Investment Credit would be expanded to include construction and development of privately owned electric transmission lines in this state. The bill also would establish five new energy conservation related credits.

SB 44 (Alpert)
This bill would allow an individual a refundable credit for contributions to a Scholarshare trust made on behalf of any qualified beneficiary. The credit amount would equal 10 percent of any contributions, not to exceed $500 per qualified beneficiary. The credit would not be allowed if the individual's adjusted gross income exceeds $100,000 ($200,000 for married couples filing a joint return or a head of household).

SB 48 (McClintock)
This bill would increase the amount of the renter's credit to $266 for individuals or $532 for married couples filing a joint return, a head of household, or a surviving spouse.

SB 73 (Dunn)
This bill would increase the aggregate credit allocation amount for the California low-income housing credit from $50 million to $70 million beginning with calendar year 2001.

SB 121 (Murray)
This bill would allow a credit to an Internet service provider that furnishes unlimited free Internet access for a minimum of one year and a personal computer to a low-income household.

SB 268 (Dunn)
This bill would allow a credit in an unspecified percentage of the amount paid or incurred for qualified expenses in connection with providing English as a second language classes on the employer's premise to employees located in this state.

SB 365 (McPherson)
This bill would allow a 10 percent credit for the cost paid or incurred for a solar energy system installed on residential or commercial property located in California.

SB 401 (Soto)
This bill would establish the Homeownership Tax Credit Act of 2001, and would express Legislative findings and declaration regarding homeownership in California.

SB 409 (Vincent)
This bill would extend the sunset date of the Community Development Financial Institution Investments Credit from January 1, 2002, to January 1, 2007.

SB 430 (Vincent)
This bill would allow a credit equal to the costs paid or incurred for spaying or neutering a cat or dog purchased or adopted by the taxpayer. The credit would be limited to $100 per cat or dog.

Continued on page 10

July/August 2001

Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | Tax News Online