as amended, Ting.
begin deleteIncome taxes: credit: gun buybacks.end delete
The Personal Income Tax Law allows various credits against the taxes imposed by that law.end delete
This bill, for taxable years beginning on or after January 1, 2014, and before January 1, 2017, would allow a credit against the taxes imposed under the Personal Income Tax Law in an amount equal to a specified amount for a handgun, shotgun, rifle, or assault weapon in working condition that is either surrendered without consideration or sold to local law enforcement in a gun buyback program during the taxable year, not to exceed $1,000 per taxable year.end delete
This bill would take effect immediately as a tax levy.end delete
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 17053.15 is added to the Revenue and
12Taxation Code, to read:
(a) (1) For each taxable year beginning on or after
14January 1, 2014, and before January 1, 2017, there shall be allowed
15as a credit against the “net tax,” as defined in Section 17039, an
16amount equal to the amount described in paragraph (2) for a
17handgun, shotgun, rifle, or assault weapon in working condition
18that is either surrendered without consideration or sold to local
19law enforcement in a gun buyback program during the taxable
20year, not to exceed one thousand dollars ($1,000) per taxable year.
21(2) The amount of credit allowed under this section is as follows:
22(A) Two hundred fifty dollars ($250) per handgun, shotgun, or
23rifle that is in working condition.
24(B) Five hundred dollars ($500) per assault weapon that is in
26(b) The taxpayer shall keep a record of the type of handgun,
27shotgun, rifle, or assault weapon surrendered or sold to local law
28enforcement in a buyback program, the number surrendered or
29sold, the name, address, and date of the buyback program or any
30other information the Franchise Tax Board may prescribe by
31regulation. This record shall be furnished to the Franchise Tax
32Board upon request.
33(c) In the case where the credit allowed by this
34the “net tax,” the excess may be carried over to reduce the “net
35tax” in the succeeding two years if necessary, until the credit has
37(d) This credit shall be in lieu of any other credit or deduction
38that the taxpayer may otherwise claim pursuant to this part with
39respect to the surrender without consideration of a handgun,
40shotgun, rifle, or assault weapon.
P5 1(e) (1) The Franchise Tax Board may promulgate rules and
2regulations as necessary or appropriate to implement this section.
3(2) Chapter 3.5 (commencing with Section 11340) of Part 1 of
4Division 3 of Title 2 of the Government Code does not apply to
5any rules or regulations established or issued by the Franchise Tax
6Board pursuant to this section.
7(f) This section shall remain in effect only until December 1,
82017, and as of that date is repealed.
This act provides for a tax levy within the meaning of
10Article IV of the Constitution and shall go into immediate effect.