BILL NUMBER: AB 638	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  APRIL 16, 2009

INTRODUCED BY   Assembly Member Knight

                        FEBRUARY 25, 2009

    An act to amend Section 24401 of the Revenue and Taxation
Code, relating to taxation.   An act to add Section
987.93 to the Military and Veterans Code, relating to veterans. 


	LEGISLATIVE COUNSEL'S DIGEST


   AB 638, as amended, Knight.  Corporation taxes:
deductions.   Veterans: CalVet Home Loan program: credit
report check: waiver.  
   Under existing law, the Department of Veterans Affairs has
specified powers and duties relating to veterans, including the
administration of the CalVet Home Loan program, which helps fund the
purchase of homes and farms for eligible veterans.  
   This bill would require the Department of Veterans Affairs to
waive any requirement to run a credit report check for honorably
discharged veterans applying for a loan under the Veterans' Farm and
Home Purchase Act of 1974.  
   The Corporation Tax Law specifies that certain deductions are
allowed in computing taxable income.  
   This bill would make technical, nonsubstantive changes to those
specification provisions. 
   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.    This act shall be known and may be
cited as the Military Credit Report Check Waiver Act. 
   SEC. 2.    Section 987.93 is added to the  
Military and Veterans Code   , to read:  
   987.93.  (a) Notwithstanding any other law, the department shall
waive any requirement to run a credit report check for honorably
discharged veterans applying for a loan pursuant to this article.
   (b) A veteran shall receive only one waiver pursuant to this
section.  
  SECTION 1.    Section 24401 of the Revenue and
Taxation Code is amended to read:
   24401.  In addition to any deduction provided in Article 1
(commencing with Section 24341), there shall be allowed as deductions
in computing taxable income the items specified in this article.