BILL NUMBER: AB 577	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Miller

                        FEBRUARY 16, 2011

   An act relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 577, as introduced, Miller. Personal income tax: investments in
California-based companies.
   The Personal Income Tax Law allows various credits and deductions
against the taxes imposed by that law.
   This bill would declare that it is the intent of the Legislature
to enact tax legislation to encourage investment in California-based
companies, as provided.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


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

  SECTION 1.  The Legislature finds and declares that private
investment in publically traded California-based companies is
beneficial to the state and its citizens for several reasons,
including the fact that private investments in publically traded
corporations helps them expand, hire, and produce the quality
products that California is known for around the world.
  SEC. 2.  It is the intent of the Legislature to enact tax
legislation to do the following:
   (a) Encourage investment in California-based companies that are
publicly owned and listed on the New York Stock Exchange (NYSE) or
the National Association of Securities Dealers Automated Quotations
System (NASDAQ).
   (b) Provide special incentives and lower tax rates for California
citizens to utilize on investment profits from the sale of NYSE or
NASDAQ listed businesses that are headquartered in California.
   (c) Allow taxpayers to recapture their loss of investment capital
faster by encouraging investment in a publically traded
California-based company
   (d) Support the creation of private and public sector policies
that encourage investment in publically traded California-based
businesses by the state's citizens.
   (e) Encourage the creation of special public and private
educational programs designed to promote California and the
importance of investing in California-based companies because those
investments are good for California and its citizens.