BILL NUMBER: SB 355 ENROLLED
BILL TEXT
PASSED THE SENATE AUGUST 26, 2014
PASSED THE ASSEMBLY AUGUST 25, 2014
AMENDED IN ASSEMBLY AUGUST 18, 2014
AMENDED IN ASSEMBLY AUGUST 4, 2014
AMENDED IN ASSEMBLY JULY 2, 2014
AMENDED IN ASSEMBLY MAY 27, 2014
AMENDED IN SENATE MAY 13, 2013
AMENDED IN SENATE MAY 7, 2013
AMENDED IN SENATE APRIL 25, 2013
AMENDED IN SENATE APRIL 15, 2013
INTRODUCED BY Senator Beall
FEBRUARY 20, 2013
An act to amend Sections 17053.30 and 23630 of the Revenue and
Taxation Code, relating to taxation, to take effect immediately, tax
levy.
LEGISLATIVE COUNSEL'S DIGEST
SB 355, Beall. Income taxes: credit: conservation.
The Natural Heritage Preservation Tax Credit Act of 2000 requires
the Wildlife Conservation Board to implement a program under which
property, as defined, may be contributed to the state, any local
government, as defined, or to any nonprofit organization designated
by a local government, based on specified criteria, in order to
provide for the protection of wildlife habitat, open space, and
agricultural lands.
The Personal Income Tax Law and the Corporation Tax Law allow a
credit against the taxes imposed by those laws in the amount equal to
55% of the fair market value of any qualified contribution, defined
as a contribution of property that has been approved for acceptance
by the Wildlife Conservation Board, that is made no later than June
30, 2015, during the taxable year pursuant to the Natural Heritage
Preservation Tax Credit Act of 2000, as provided. Those laws allow
the credit to be carried over for 8 years if necessary.
This bill would extend the period for when a qualified
contribution is made for which a tax credit would be allowed to June
30, 2020. This bill would also extend the carryover period to 15
years for a qualified contribution made on or after January 1, 2015.
This bill would take effect immediately as a tax levy.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Section 17053.30 of the Revenue and Taxation Code is
amended to read:
17053.30. (a) There shall be allowed as a credit against the "net
tax," as defined in Section 17039, an amount equal to 55 percent of
the fair market value of any qualified contribution made on or after
January 1, 2000, and not later than June 30, 2008, and on or after
January 1, 2010, and not later than June 30, 2020, by the taxpayer
during the taxable year to the state, any local government, or any
designated nonprofit organization, pursuant to Division 28
(commencing with Section 37000) of the Public Resources Code.
(b) For purposes of this section, "qualified contribution" means a
contribution of property, as defined in Section 37002 of the Public
Resources Code, that has been approved for acceptance by the Wildlife
Conservation Board pursuant to Division 28 (commencing with Section
37000) of the Public Resources Code.
(c) In the case of any pass-thru entity, the fair market value of
any qualified contribution approved for acceptance under Division 28
(commencing with Section 37000) of the Public Resources Code shall be
passed through to the partners or shareholders of the pass-thru
entity in accordance with their interest in the pass-thru entity as
of the date of the qualified contribution. For purposes of this
subdivision, the term "pass-thru entity" means any partnership, "S"
corporation, or limited liability company treated as a partnership.
(d) (1) For a qualified contribution made on or after January 1,
2000, and before January 1, 2015, if the credit allowed by this
section exceeds the "net tax," the excess may be carried over to
reduce the "net tax" in the following year, and the succeeding seven
years if necessary, until the credit is exhausted.
(2) For a qualified contribution made on or after January 1, 2015,
if the credit allowed by this section exceeds the "net tax," the
excess may be carried over to reduce the "net tax" in the following
year, and the succeeding 14 years if necessary, until the credit is
exhausted.
(e) This credit shall be in lieu of any other credit or deduction
that the taxpayer may otherwise claim pursuant to this part with
respect to the property or any interest therein that is contributed.
SEC. 2. Section 23630 of the Revenue and Taxation Code is amended
to read:
23630. (a) There shall be allowed as a credit against the "tax,"
as defined in Section 23036, an amount equal to 55 percent of the
fair market value of any qualified contribution made on or after
January 1, 2000, and not later than June 30, 2008, and on or after
January 1, 2010, and not later than June 30, 2020, by the taxpayer
during the taxable year to the state, any local government, or any
designated nonprofit organization, pursuant to Division 28
(commencing with Section 37000) of the Public Resources Code.
(b) For purposes of this section, "qualified contribution" means a
contribution of property, as defined in Section 37002 of the Public
Resources Code, that has been approved for acceptance by the Wildlife
Conservation Board pursuant to Division 28 (commencing with Section
37000) of the Public Resources Code.
(c) In the case of any pass-thru entity, the fair market value of
any qualified contribution approved for acceptance under Division 28
(commencing with Section 37000) of the Public Resources Code shall be
passed through to the partners or shareholders of the pass-thru
entity in accordance with their interest in the pass-thru entity as
of the date of the qualified contribution. For purposes of this
subdivision, the term "pass-thru entity" means any partnership or "S"
corporation.
(d) (1) For a qualified contribution made on or after January 1,
2000, and before January 1, 2015, if the credit allowed by this
section exceeds the "tax," the excess may be carried over to reduce
the "tax" in the following year, and the succeeding seven years if
necessary, until the credit is exhausted.
(2) For a qualified contribution made on or after January 1, 2015,
if the credit allowed by this section exceeds the "tax," the excess
may be carried over to reduce the "tax" in the following year, and
the succeeding 14 years if necessary, until the credit is exhausted.
(e) This credit shall be in lieu of any other credit or deduction
that the taxpayer may otherwise claim pursuant to this part with
respect to the property or any interest therein that is contributed.
SEC. 3. This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.