BILL NUMBER: AB 2666	ENROLLED
	BILL TEXT

	PASSED THE SENATE  AUGUST 23, 2010
	PASSED THE ASSEMBLY  AUGUST 25, 2010
	AMENDED IN SENATE  AUGUST 17, 2010
	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, Skinner. Corporation taxes: Franchise Tax Board: tax
expenditures: Reporting Transparency in Government Internet Web site.

   The Corporation Tax Law, 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 that law.
   This bill would, for each taxable year on or after January 1,
2010, require the 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 June 30, 2013, and by June
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.


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 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) 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 are the subject of two-way quotations, such as both bid
and asked prices, that 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 June 30, 2013, and by June 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.