AB 1040, as introduced, Ting. Franchise Tax Board: federal tax law changes: report.
Existing law, requires the Franchise Tax Board to submit to the Legislature, and to make available to the public, on or before January 10 of each year, a report on all of the changes to the Internal Revenue Code enacted into law in the prior year, as provided.
This bill would instead require that report to be submitted and made available on or before February 1 of each year.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 19522 of the Revenue and Taxation Code
2 is amended to read:
(a) (1) (A) On or beforebegin delete the 10th of Januaryend deletebegin insert February
41 ofend insert each year, the Franchise Tax Board shall submit to the
5Legislature a report on all changes to the Internal Revenue Code
6enacted into law in the prior year. To the extent possible, the report
7shall contain an estimate of the revenue effect of conforming
8California law to each of those changes.
P2 1(B) In the event that changes to the Internal Revenue Code are
2enacted after September 15 of any year, the report described in
3subparagraph (A)
shall be submitted to the Legislature within 120
4days after signature by the President of the United States, rather
5than the 10th of January.
6(2) The report required by this section shall be made available
7to the public.
8(3) It is the intent of the Legislature that the policy committee
9of each house of the Legislature hold at least one public hearing
10on the report required by this section.
11(b) For any introduced bill which proposes changes in any of
12the dates in Section 17024.5, the Franchise Tax Board shall prepare
13a complete analysis of the bill which describes all changes to state
14law which will automatically occur by reference to federal law as
15of the changed date. The Franchise Tax Board shall immediately
16update and supplement that analysis upon any amendment to the
17bill. That analysis shall be made available to
the public and shall
18be submitted to the Legislature for publication in the daily journal
19of each house of the Legislature. The digest of the Legislative
20Counsel shall indicate that an analysis of the bill shall be prepared
21by the Franchise Tax Board and printed in the daily journal of each
22house of the Legislature.
O
99