BILL NUMBER: AB 318	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  JANUARY 4, 2012

INTRODUCED BY   Assembly Member Skinner

                        FEBRUARY 9, 2011

   An act to add Section  19571   18410  to
the Revenue and Taxation Code, relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 318, as amended, Skinner.  Corporation taxes: Franchise
Tax Board: tax expenditures: Reporting Transparency in Government
Internet Web site.   Franchise Tax Board:
administration: legal holiday.  
   The Personal Income Tax Law and the Corporation Tax Law establish
specified dates for the filing of tax returns, and provide that if
the last day for filing a return falls on a Saturday, Sunday, or
other legal holiday, returns may be filed and payments made on the
following day without penalty.  
   This bill would conform to federal income tax law regarding the
definition of a legal holiday for the purposes of the Personal Income
Tax Law and the Corporation Tax Law.  
   The Corporation Tax Law, which is administered by the Franchise
Tax Board, authorizes various credits, deductions, exclusions,
exemptions, and other tax benefits with respect to the taxes imposed
by that law.  
   This bill would, for each taxable year on or after January 1,
2011, require the board to compile information on any tax expenditure
claimed and reported by a taxpayer that is a publicly traded
company, and would require, beginning on June 30, 2013, and by June
30 of each year thereafter, the board to submit the information to
the California Technology Agency for publication on the Reporting
Transparency in Government Internet Web site. This bill would require
the California Technology Agency to develop on the Reporting
Transparency in Government Internet Web site a searchable database of
that information, as specified. 
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

   SECTION 1.    Section 18410 is added to the 
 Revenue and Taxation Code   , to read:  
   18410.  For purposes of Part 10 (commencing with Section 17001),
Part 11 (commencing with Section 23001), and this part, a legal
holiday includes a federal legal holiday recognized by the Internal
Revenue Service under Section 7503 of the Internal Revenue Code.
 
  SECTION 1.    Section 19571 is added to the
Revenue and Taxation Code, to read:
   19571.  (a) For each taxable year beginning on or after January 1,
2011, the Franchise Tax Board shall compile information on any tax
expenditure, authorized under Part 11 (commencing with Section
23001), that is claimed and reported by a taxpayer that is a publicly
traded company on the annual return required under Part 10.2
(commencing with Section 18401).
   (b) For the purposes of this section:
   (1) "Publicly traded company" means a company with securities that
are either listed or admitted to trading on a national or foreign
exchange, or are the subject of two-way quotations, such as both bid
and asked prices, that are regularly published by one or more
broker-dealers in the National Daily Quotation Service or a similar
service.
   (2) "Tax expenditure" means a credit against the tax imposed under
Part 11 (commencing with Section 23001).
   (c) Beginning on June 30, 2013, and by June 30 of each year
thereafter, the Franchise Tax Board shall submit the tax expenditure
information compiled pursuant to subdivision (a) to the California
Technology Agency for publication on the Reporting Transparency in
Government Internet Web site.
   (d) The California Technology Agency shall develop on the
Reporting Transparency in Government Internet Web site a searchable
database by company name and the amount of tax expenditures claimed,
to increase public awareness of the amount and scope of tax
expenditures for businesses in this state.