AB 2901, as amended, Committee on Jobs, Economic Development, and the Economy. Income taxation: credits: California Competes Tax Credit Committee: GO-Biz.
Existing law allows a credit against the taxes imposed under the Corporation Tax Law and the Personal Income Tax Law for each taxable year beginning on or after January 1, 2014, and before January 1, 2025, in an amount as provided in a written agreement between the Governor’s Office of Business and Economic Development and the taxpayer, agreed upon by the California Competes Tax Credit Committee, and based on specified factors, including the number of jobs the taxpayer will create or retain in the state and the amount of investment in the state by the taxpayer. Existing law requires the Governor’s Office of Business and Economic Development to post on its Internet Web Site specified information, including the name of each taxpayer allocated a credit, the estimated number of jobs created or retained and the amount of investment by the taxpayer, the amount of credit allocated to the taxpayer, and, if applicable, the amount of credit recaptured from the taxpayer.
This bill would require the Governor’s Office of Business and Economic Development to, in addition to the above-described information, post on its Internet Web site thebegin delete city and countyend deletebegin insert primary locationend insert where thebegin delete jobs created and investments made are located, whether the census tract in which the jobs will be created or the investments will be made isend deletebegin insert taxpayer has committed to increasing the net number of jobs or make investments, information that identifies each tax credit award that was given a priority for being located inend insert
an area of high unemployment or poverty,begin delete as provided,end delete andbegin delete whether the taxpayer is
considered aend deletebegin insert information that identifies each tax credit award that is being counted toward the amount of the credit required to be allocated toend insert small business, as provided.begin delete The bill would also require the Governor’s Office of Business and Economic Development to annually provide a report of aggregate-level data to the Legislature on the information posted on its Internet Web site and the number of total credits applied for and the number of credit applications rejected during the calendar year.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 17059.2 of the Revenue and Taxation
2Code is amended to read:
(a) (1) For each taxable year beginning on and after
4January 1, 2014, and before January 1, 2025, there shall be allowed
5as a credit against the “net tax,” as defined in Section 17039, an
6amount as determined by the committee pursuant to paragraph (2)
7and approved pursuant to Section 18410.2.
8(2) The credit under this section shall be allocated by GO-Biz
9with respect to the 2013-14 fiscal year through and including the
102017-18 fiscal year. The amount of credit allocated to a taxpayer
11with respect to a fiscal year pursuant to this section shall be as set
12forth in a written agreement between GO-Biz and the taxpayer and
13shall be based on the following factors:
14(A) The number of jobs the taxpayer will create or retain in this
15state.
16(B) The compensation paid or proposed to be paid by the
17taxpayer to its employees, including wages and fringe benefits.
18(C) The amount of investment in this state by the taxpayer.
P3 1(D) The extent of unemployment or poverty in the area
2according to the United States Census in which the taxpayer’s
3project or business is proposed or located.
4(E) The incentives available to the taxpayer in this state,
5including incentives from the state, local government, and other
6entities.
7(F) The incentives available to the taxpayer in other states.
8(G) The duration of the proposed project and the duration the
9taxpayer commits to remain in this state.
10(H) The overall economic impact in this state of the taxpayer’s
11project or business.
12(I) The strategic importance of the taxpayer’s project or business
13to the state, region, or locality.
14(J) The opportunity for future growth and expansion in this state
15by the taxpayer’s business.
16(K) The extent to which the anticipated benefit to the state
17exceeds the projected benefit to the taxpayer from the tax credit.
18(3) The written agreement entered into pursuant to paragraph
19(2) shall include:
20(A) Terms and conditions that include the taxable year or years
21for which the credit allocated shall be allowed, a minimum
22compensation level, and a minimum job retention period.
23(B) Provisions indicating whether the credit is to be allocated
24in full upon approval or in increments based on mutually agreed
25upon milestones when satisfactorily met by the taxpayer.
26(C) Provisions that allow the committee to recapture the credit,
27in whole or in part, if the taxpayer fails to fulfill the terms and
28conditions of the written agreement.
29(b) For purposes of this section:
30(1) “Committee” means the California Competes Tax Credit
31Committee established pursuant to Section 18410.2.
32(2) “GO-Biz” means the Governor’s Office of Business and
33Economic Development.
34(c) For purposes of this section, GO-Biz shall do the following:
35(1) Give priority to a taxpayer whose project or business is
36located or proposed to be located in an area of high unemployment
37or poverty.
38(2) Negotiate with a taxpayer the terms and conditions of
39proposed written agreements that provide the credit allowed
40pursuant to this section to a taxpayer.
P4 1(3) Provide the negotiated written agreement to the committee
2for its approval pursuant to Section 18410.2.
3(4) Inform the Franchise Tax Board of the terms and conditions
4of the written agreement upon approval of the written agreement
5by the committee.
6(5) Inform the Franchise Tax Board of any recapture, in whole
7or in part, of a previously allocated credit upon approval of the
8recapture by the committee.
9(6) Post on its Internet Web site all of the following:
10(A) The name of each taxpayer allocated a credit pursuant to
11this section.
12(B) The estimated amount of the investment by each taxpayer.
13(C) The estimated number of jobs created or retained.
14(D) The amount of the credit allocated to the taxpayer.
15(E) The amount of the credit recaptured from the taxpayer, if
16applicable.
17(F) Thebegin delete city and countyend deletebegin insert primary locationend insert where thebegin delete jobs created begin insert
taxpayer has committed to increasing the net
18and the investments made are located, which may be more than
19one city or county.end delete
20number of jobs or make investments. The primary location shall
21be listed by city or, in the case of unincorporated areas, by county.end insert
22(G) Whether the census tract in which the jobs will be created
23or the investments will be made is an area of high unemployment
24or poverty, as provided in paragraph (1).
25(H) Whether the taxpayer is considered a small business
26pursuant to paragraph (3) of subdivision (g).
27
(G) Information that identifies each tax credit award that was
28given a priority for being located in a high unemployment or
29poverty area, pursuant to paragraph (1).
30
(H) Information that identifies each tax credit award that is
31being counted toward the requirement of paragraph (3) of
32subdivision (g).
33(d) For purposes of this section, the Franchise Tax Board shall
34do all of the following:
35(1) (A) Except as provided in subparagraph (B), review the
36books and records of all
taxpayers allocated a credit pursuant to
37this section to ensure compliance with the terms and conditions
38of the written agreement between the taxpayer and GO-Biz.
39(B) In the case of a taxpayer that is a “small business,” as
40defined in Section 17053.73, review the books and records of the
P5 1taxpayer allocated a credit pursuant to this section to ensure
2compliance with the terms and conditions of the written agreement
3between the taxpayer and GO-Biz when, in the sole discretion of
4the Franchise Tax Board, a review of those books and records is
5appropriate or necessary in the best interests of the state.
6(2) Notwithstanding Section 19542:
7(A) Notify GO-Biz of a possible breach of the written agreement
8by a taxpayer and provide
detailed information regarding the basis
9for that determination.
10(B) Provide information to GO-Biz with respect to whether a
11taxpayer is a “small business,” as defined in Section 17053.73.
12(e) In the case where the credit allowed under this section
13exceeds the “net tax,” as defined in Section 17039, for a taxable
14year, the excess credit may be carried over to reduce the “net tax”
15in the following taxable year, and succeeding five taxable years,
16if necessary, until the credit has been exhausted.
17(f) Any recapture, in whole or in part, of a credit approved by
18the committee pursuant to Section 18410.2 shall be treated as a
19mathematical error appearing on the return. Any amount of tax
20resulting from that recapture shall be
assessed by the Franchise
21Tax Board in the same manner as provided by Section 19051. The
22amount of tax resulting from the recapture shall be added to the
23tax otherwise due by the taxpayer for the taxable year in which
24the committee’s recapture determination occurred.
25(g) (1) The aggregate amount of credit that may be allocated
26in any fiscal year pursuant to this section and Section 23689 shall
27be an amount equal to the sum of subparagraphs (A), (B), and (C),
28less the amount specified in subparagraphs (D) and (E):
29(A) Thirty million dollars ($30,000,000) for the 2013-14 fiscal
30year, one hundred fifty million dollars ($150,000,000) for the
312014-15 fiscal year, and two hundred million dollars
32
($200,000,000) for each fiscal year from 2015-16 to 2017-18,
33inclusive.
34(B) The unallocated credit amount, if any, from the preceding
35fiscal year.
36(C) The amount of any previously allocated credits that have
37been recaptured.
38(D) The amount estimated by the Director of Finance, in
39consultation with the Franchise Tax Board and the State Board of
40Equalization, to be necessary to limit the aggregation of the
P6 1estimated amount of exemptions claimed pursuant to Section
26377.1 and of the amounts estimated to be claimed pursuant to
3this section and Sections 17053.73, 23626, and 23689 to no more
4than seven hundred fifty million dollars ($750,000,000) for either
5the current fiscal year or the next fiscal
year.
6(i) The Director of Finance shall notify the Chairperson of the
7Joint Legislative Budget Committee of the estimated annual
8allocation authorized by this paragraph. Any allocation pursuant
9to these provisions shall be made no sooner than 30 days after
10written notification has been provided to the Chairperson of the
11Joint Legislative Budget Committee and the chairpersons of the
12committees of each house of the Legislature that consider
13appropriation, or not sooner than whatever lesser time the
14Chairperson of the Joint Legislative Budget Committee, or his or
15her designee, may determine.
16(ii) In no event shall the amount estimated in this subparagraph
17be less than zero dollars ($0).
18(E) (i) For
the 2015-16 fiscal year and each fiscal year
19thereafter, the amount of credit estimated by the Director of Finance
20to be allowed to all qualified taxpayers for that fiscal year pursuant
21to subparagraph (A) or subparagraph (B) of paragraph (1) of
22subdivision (c) of Section 23636.
23(ii) If the amount available per fiscal year pursuant to this section
24and Section 23689 is less than the aggregate amount of credit
25estimated by the Director of Finance to be allowed to qualified
26taxpayers pursuant to subparagraph (A) or subparagraph (B) of
27paragraph (1) of subdivision (c) of Section 23636, the aggregate
28amount allowed pursuant to Section 23636 shall not be reduced
29and, in addition to the reduction required by clause (i), the
30aggregate amount of credit that may be allocated pursuant to this
31section and Section 23689 for the next fiscal year shall be
reduced
32by the amount of that deficit.
33(iii) It is the intent of the Legislature that the reductions specified
34in this subparagraph of the aggregate amount of credit that may
35be allocated pursuant to this section and Section 23689 shall
36continue if the repeal dates of the credits allowed by this section
37and Section 23689 are removed or extended.
38(2) (A) In addition to the other amounts determined pursuant
39to paragraph (1), the Director of Finance may increase the
40aggregate amount of credit that may be allocated pursuant to this
P7 1section and Section 23689 by up to twenty-five million dollars
2($25,000,000) per fiscal year through the 2017-18 fiscal year. The
3amount of any increase made pursuant to this paragraph, when
4combined with any increase made pursuant
to paragraph (2) of
5subdivision (g) of Section 23689, shall not exceed twenty-five
6million dollars ($25,000,000) per fiscal year through the 2017-18
7fiscal year.
8(B) It is the intent of the Legislature that the Director of Finance
9increase the aggregate amount under subparagraph (A) in order to
10mitigate the reduction of the amount available due to the credit
11allowed to all qualified taxpayers pursuant to subparagraph (A) or
12(B) of paragraph (1) of subdivision (c) of Section 23636.
13(3) Each fiscal year, 25 percent of the aggregate amount of the
14credit that may be allocated pursuant to this section and Section
1523689 shall be reserved for small business, as defined in Section
1617053.73 or 23626.
17(4) Each fiscal year, no
more than 20 percent of the aggregate
18amount of the credit that may be allocated pursuant to this section
19shall be allocated to any one taxpayer.
20(h) GO-Biz may prescribe rules and regulations as necessary to
21carry out the purposes of this section. Any rule or regulation
22prescribed pursuant to this section may be by adoption of an
23emergency regulation in accordance with Chapter 3.5 (commencing
24with Section 11340) of Part 1 of Division 3 of Title 2 of the
25Government Code.
26(i) A written agreement between GO-Biz and a taxpayer with
27respect to the credit authorized by this section shall comply with
28existing law on the date the agreement is executed.
29(j) (1) Upon the effective date of this section, the
Department
30of Finance shall estimate the total dollar amount of credits that
31will be claimed under this section with respect to each fiscal year
32from the 2013-14 fiscal year to the 2024-25 fiscal year, inclusive.
33(2) The Franchise Tax Board shall annually provide to the Joint
34Legislative Budget Committee, by no later than March 1, a report
35of the total dollar amount of the credits claimed under this section
36with respect to the relevant fiscal year. The report shall compare
37the total dollar amount of credits claimed under this section with
38respect to that fiscal year with the department’s estimate with
39respect to that same fiscal year. If the total dollar amount of credits
40claimed for the fiscal year is less than the estimate for that fiscal
P8 1year, the report shall identify options for increasing annual claims
2of the credit so as to meet
estimated amounts.
3(k) (1) GO-Biz shall annually provide to the Legislature, by no
4later than March 1, a report of aggregate level data on both of the
5following:
6(A) The information posted on GO-Biz’s Internet Web site
7pursuant to paragraph (6) of subdivision (c). The data
shall include
8the amount of credits, jobs created, and investments made in all
9of the following:
10(i) Each city and county.
11(ii) Each census tract in which the jobs will be created or the
12investments will be made that is an area of high unemployment or
13poverty, as provided in paragraph (1) of subdivision (c).
14(iii) Each entity that is considered a small business pursuant to
15paragraph (3) of subdivision (g).
16(B) The number of total credits applied for and the number of
17credit applications rejected during the calendar year in total and
18by geographic region, as determined by GO-Biz.
19(2) A report submitted pursuant to paragraph (1) shall be
20submitted in compliance with Section 9795 of the Government
21Code.
22(l)
end delete23begin insert(k)end insert This section is repealed on December 1, 2025.
Section 23689 of the Revenue and Taxation Code is
25amended to read:
(a) (1) For each taxable year beginning on and after
27January 1, 2014, and before January 1, 2025, there shall be allowed
28as a credit against the “tax,” as defined in Section 23036, an amount
29as determined by the committee pursuant to paragraph (2) and
30approved pursuant to Section 18410.2.
31(2) The credit under this section shall be allocated by GO-Biz
32with respect to the 2013-14 fiscal year through and including the
332017-18 fiscal year. The amount of credit allocated to a taxpayer
34with respect to a fiscal year pursuant to this section shall be as set
35forth in a written agreement between GO-Biz and the taxpayer and
36shall be based on the following factors:
37(A) The number of jobs the taxpayer will create or retain in this
38state.
39(B) The compensation paid or proposed to be paid by the
40taxpayer to its employees, including wages and fringe benefits.
P9 1(C) The amount of investment in this state by the taxpayer.
2(D) The extent of unemployment or poverty in the area
3according to the United States Census in which the taxpayer’s
4project or business is proposed or located.
5(E) The incentives available to the taxpayer in this state,
6including incentives from the state, local government, and other
7entities.
8(F) The incentives available to the taxpayer in other states.
9(G) The duration of the proposed project and the duration the
10taxpayer commits to remain in this state.
11(H) The overall economic impact in this state of the taxpayer’s
12project or business.
13(I) The strategic importance of the taxpayer’s project or business
14to the state, region, or locality.
15(J) The opportunity for future growth and expansion in this state
16by the taxpayer’s business.
17(K) The extent to which the anticipated benefit to the state
18exceeds the projected benefit to the taxpayer from the tax credit.
19(3) The written agreement entered into pursuant to paragraph
20(2) shall include:
21(A) Terms and conditions that include the taxable year or years
22for which the credit allocated shall be allowed, a minimum
23compensation level, and a minimum job retention period.
24(B) Provisions indicating whether the credit is to be allocated
25in full upon approval or in increments based on mutually agreed
26upon milestones when satisfactorily met by the taxpayer.
27(C) Provisions that allow the committee to recapture the credit,
28in whole or in part, if the taxpayer fails to fulfill the terms and
29conditions of the written agreement.
30(b) For purposes of this section:
31(1) “Committee” means the California Competes Tax Credit
32Committee established pursuant to Section 18410.2.
33(2) “GO-Biz” means the Governor’s Office of Business and
34Economic Development.
35(c) For purposes of this section, GO-Biz shall do the following:
36(1) Give priority to a taxpayer whose project or business is
37located or proposed to be located in an area of high unemployment
38or poverty.
P10 1(2) Negotiate with a taxpayer the terms and conditions of
2proposed written agreements that provide the credit allowed
3pursuant to this section to a taxpayer.
4(3) Provide the negotiated written agreement to the committee
5for its approval pursuant to Section 18410.2.
6(4) Inform the Franchise Tax Board of the terms and conditions
7of the written agreement upon approval of the written agreement
8by the committee.
9(5) Inform the Franchise Tax Board of any recapture, in whole
10or in part, of a previously allocated credit upon approval of the
11recapture by the committee.
12(6) Post on its Internet Web site all of the following:
13(A) The name of each taxpayer allocated a credit pursuant to
14this section.
15(B) The estimated amount of the investment by each taxpayer.
16(C) The estimated number of jobs created or retained.
17(D) The amount of the credit allocated to the taxpayer.
18(E) The amount of the credit recaptured from the taxpayer, if
19applicable.
20(F) Thebegin delete city and countyend deletebegin insert primary locationend insert where thebegin delete jobs created begin insert
taxpayer has committed to increasing the net
21and the investments made are located, which may be more than
22one city or county.end delete
23number of jobs or make investments. The primary location shall
24be listed by city or, in the case of unincorporated areas, by county.end insert
25(G) Whether the census tract in which the jobs will be created
26or the investments will be made is an area of high unemployment
27or poverty, as provided in paragraph (1).
28(H) Whether the taxpayer is considered a small business
29pursuant to paragraph (3) of subdivision (g).
30
(G) Information that identifies each tax credit award that was
31given a priority for being located in a high unemployment or
32poverty area, pursuant to paragraph (1).
33
(H) Information that identifies each tax credit award that is
34being counted toward the requirement of paragraph (3) of
35subdivision (g).
36(d) For purposes of this section, the Franchise Tax Board shall
37do all of the following:
38(1) (A) Except as provided in subparagraph (B), review the
39books and records of all taxpayers allocated a credit pursuant to
P11 1this section to ensure compliance with the terms and conditions
2of the written agreement between the taxpayer and GO-Biz.
3(B) In the case of a taxpayer that is a “small business,” as
4defined in Section 23626, review the books and records of the
5taxpayer allocated a credit pursuant to this section to ensure
6compliance with the terms and conditions of the written agreement
7between the taxpayer and GO-Biz when, in the sole discretion of
8the Franchise Tax Board, a review of those books and records is
9appropriate or necessary in the best interests of the state.
10(2) Notwithstanding Section 19542:
11(A) Notify GO-Biz of a possible breach of the written agreement
12by a taxpayer and provide detailed information regarding the basis
13for that determination.
14(B) Provide information to GO-Biz with
respect to whether a
15taxpayer is a “small business,” as defined in Section 23626.
16(e) In the case where the credit allowed under this section
17exceeds the “tax,” as defined in Section 23036, for a taxable year,
18the excess credit may be carried over to reduce the “tax” in the
19following taxable year, and succeeding five taxable years, if
20necessary, until the credit has been exhausted.
21(f) Any recapture, in whole or in part, of a credit approved by
22the committee pursuant to Section 18410.2 shall be treated as a
23mathematical error appearing on the return. Any amount of tax
24resulting from that recapture shall be assessed by the Franchise
25Tax Board in the same manner as provided by Section 19051. The
26amount of tax resulting from the recapture shall be added to the
27tax otherwise due by
the taxpayer for the taxable year in which
28the committee’s recapture determination occurred.
29(g) (1) The aggregate amount of credit that may be allocated
30in any fiscal year pursuant to this section and Section 17059.2 shall
31be an amount equal to the sum of subparagraphs (A), (B), and (C),
32less the amount specified in subparagraphs (D) and (E):
33(A) Thirty million dollars ($30,000,000) for the 2013-14 fiscal
34year, one hundred fifty million dollars ($150,000,000) for the
352014-15 fiscal year, and two hundred million dollars
36($200,000,000) for each fiscal year from 2015-16 to 2017-18,
37inclusive.
38(B) The unallocated credit amount, if any, from the preceding
39fiscal year.
P12 1(C) The amount of any previously allocated credits that have
2been recaptured.
3(D) The amount estimated by the Director of Finance, in
4consultation with the Franchise Tax Board and the State Board of
5Equalization, to be necessary to limit the aggregation of the
6estimated amount of exemptions claimed pursuant to Section
76377.1 and of the amounts estimated to be claimed pursuant to
8this section and Sections 17053.73, 17059.2, and 23626 to no more
9than seven hundred fifty million dollars ($750,000,000) for either
10the current fiscal year or the next fiscal year.
11(i) The Director of Finance shall notify the Chairperson of the
12Joint Legislative Budget Committee of the estimated annual
13allocation authorized by this paragraph.
Any allocation pursuant
14to these provisions shall be made no sooner than 30 days after
15written notification has been provided to the Chairperson of the
16Joint Legislative Budget Committee and the chairpersons of the
17committees of each house of the Legislature that consider
18appropriation, or not sooner than whatever lesser time the
19Chairperson of the Joint Legislative Budget Committee, or his or
20her designee, may determine.
21(ii) In no event shall the amount estimated in this subparagraph
22be less than zero dollars ($0).
23(E) (i) For the 2015-16 fiscal year and each fiscal year
24thereafter, the amount of credit estimated by the Director of Finance
25to be allowed to all qualified taxpayers for that fiscal year pursuant
26to subparagraph (A) or subparagraph (B) of
paragraph (1) of
27subdivision (c) of Section 23636.
28(ii) If the amount available per fiscal year pursuant to this section
29and Section 17059.2 is less than the aggregate amount of credit
30estimated by the Director of Finance to be allowed to qualified
31taxpayers pursuant to subparagraph (A) or subparagraph (B) of
32paragraph (1) of subdivision (c) of Section 23636, the aggregate
33amount allowed pursuant to Section 23636 shall not be reduced
34and, in addition to the reduction required by clause (i), the
35aggregate amount of credit that may be allocated pursuant to this
36section and Section 17059.2 for the next fiscal year shall be reduced
37by the amount of that deficit.
38(iii) It is the intent of the Legislature that the reductions specified
39in this subparagraph of the aggregate amount of
credit that may
40be allocated pursuant to this section and Section 17059.2 shall
P13 1continue if the repeal dates of the credits allowed by this section
2and Section 17059.2 are removed or extended.
3(2) (A) In addition to the other amounts determined pursuant
4to paragraph (1), the Director of Finance may increase the
5aggregate amount of credit that may be allocated pursuant to this
6section and Section 17059.2 by up to twenty-five million dollars
7($25,000,000) per fiscal year through the 2017-18 fiscal year. The
8amount of any increase made pursuant to this paragraph, when
9combined with any increase made pursuant to paragraph (2) of
10subdivision (g) of Section 17059.2, shall not exceed twenty-five
11million dollars ($25,000,000) per fiscal year through the 2017-18
12fiscal year.
13(B) It is the intent of the Legislature that the Director of Finance
14increase the aggregate amount under subparagraph (A) in order to
15mitigate the reduction of the amount available due to the credit
16allowed to all qualified taxpayers pursuant to subparagraph (A) or
17(B) of paragraph (1) of subdivision (c) of Section 23636.
18(3) Each fiscal year, 25 percent of the aggregate amount of the
19credit that may be allocated pursuant to this section and Section
2017059.2 shall be reserved for “small business,” as defined in
21Section 17053.73 or 23626.
22(4) Each fiscal year, no more than 20 percent of the aggregate
23amount of the credit that may be allocated pursuant to this section
24shall be allocated to any one taxpayer.
25(h) GO-Biz may prescribe rules and regulations as necessary to
26carry out the purposes of this section. Any rule or regulation
27prescribed pursuant to this section may be by adoption of an
28emergency regulation in accordance with Chapter 3.5 (commencing
29with Section 11340) of Part 1 of Division 3 of Title 2 of the
30Government Code.
31(i) (1) A written agreement between GO-Biz and a taxpayer
32with respect to the credit authorized by this section shall not
33restrict, broaden, or otherwise alter the ability of the taxpayer to
34assign that credit or any portion thereof in accordance with Section
3523663.
36(2) A written agreement between GO-Biz and a taxpayer with
37respect to the credit authorized by this section shall comply with
38existing law on the date the
agreement is executed.
39(j) (1) Upon the effective date of this section, the Department
40of Finance shall estimate the total dollar amount of credits that
P14 1will be claimed under this section with respect to each fiscal year
2from the 2013-14 fiscal year to the 2024-25 fiscal year, inclusive.
3(2) The Franchise Tax Board shall annually provide to the Joint
4Legislative Budget Committee, by no later than March 1, a report
5of the total dollar amount of the credits claimed under this section
6with respect to the relevant fiscal year. The report shall compare
7the total dollar amount of credits claimed under this section with
8respect to that fiscal year with the department’s estimate with
9respect to that same fiscal year. If the total dollar amount of credits
10claimed for the
fiscal year is less than the estimate for that fiscal
11year, the report shall identify options for increasing annual claims
12of the credit so as to meet estimated amounts.
13(k) (1) GO-Biz shall annually provide to the Legislature, by no
14later than March 1, a report of aggregate level data on both of the
15following:
16(A) The information posted on GO-Biz’s Internet Web site
17pursuant to paragraph (6) of subdivision (c). The data shall include
18the amount of credits, jobs created, and investments made in all
19of the following:
20(i) Each city and county.
21(ii) Each census tract in which the jobs will be created or the
22investments will be made that is an area of high unemployment or
23poverty, as provided in paragraph (1) of subdivision (c).
24(iii) Each entity that is considered a small
business pursuant to
25paragraph (3) of subdivision (g).
26(B) The number of total credits applied for and the number of
27credit applications rejected during the calendar year in total and
28by geographic region, as determined by GO-Biz.
29(2) A report submitted pursuant to paragraph (1) shall be
30submitted in compliance with Section 9795 of the Government
31Code.
32(l)
end delete33begin insert(k)end insert This section is repealed on December 1, 2025.
O
98