BILL NUMBER: AB 2666	AMENDED
	BILL TEXT

	AMENDED IN SENATE  JUNE 30, 2010
	AMENDED IN ASSEMBLY  MAY 28, 2010
	AMENDED IN ASSEMBLY  APRIL 27, 2010
	AMENDED IN ASSEMBLY  APRIL 8, 2010

INTRODUCED BY   Assembly Member Skinner

                        FEBRUARY 19, 2010

   An act to add Section 19571 to the Revenue and Taxation Code,
relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2666, as amended, Skinner.  Income  
Corporation  taxes: Franchise Tax Board: tax expenditures:
Reporting Transparency in Government Internet Web site.
   The  Personal Income Tax Law and the  Corporation
Tax Law  authorize  , which is administered by
the Franchise Tax Board, authorizes  various credits,
deductions, exclusions, exemptions, and other tax benefits with
respect to the taxes imposed by  those laws  
that law  .
   This bill would, for each taxable year on  and 
 or  after January 1, 2010, require the  Franchise
Tax Board   board  to compile information on any
 tax  expenditure claimed and reported by a taxpayer that is
a publicly traded company, and would require, beginning on March 30,
2012, and by March 30 of each year thereafter, the board to submit
the information to the State Chief Information Officer for
publication on the Reporting Transparency in Government Internet Web
site. This bill would require the State Chief Information Officer to
develop on the Reporting Transparency in Government Internet Web site
a searchable database of that information, as specified.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


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

  SECTION 1.  Section 19571 is added to the Revenue and Taxation
Code, to read:
   19571.  (a) For each taxable year beginning on or after January 1,
2010, the Franchise Tax Board shall compile information on any tax
expenditure, authorized under  Part 10 (commencing with
Section 17001) or  Part 11 (commencing with Section 23001),
that is claimed and reported by a taxpayer that is a publicly traded
company on the annual return required under Part 10.2 (commencing
with Section 18401). 
   (b) "Publicly traded company" means a company with securities
 
   (b) For the purposes of this section: 
    (1)    "Publicly traded company" means a
company with securities  that are either listed or admitted to
trading on a national or foreign exchange, or  is 
 are  the subject of two-way quotations, such as both bid
and asked prices, that  is   are  regularly
published by one or more broker-dealers in the National Daily
Quotation Service or a similar service. 
   (2) "Tax expenditure" means a credit against the tax imposed under
Part 11 (commencing with Section 23001). 
   (c) Beginning on March 30, 2012, and by March 30 of each year
thereafter, the Franchise Tax Board shall submit the tax expenditure
information compiled pursuant to subdivision (a) to the State Chief
Information Officer for publication on the Reporting Transparency in
Government Internet Web site.
   (d) The State Chief Information Officer shall develop on the
Reporting Transparency in Government Internet Web site a searchable
database by company name and the amount of tax expenditures claimed,
to increase public awareness of the amount and scope of tax
expenditures for businesses in this state.