BILL NUMBER: AB 2687 INTRODUCED
BILL TEXT
INTRODUCED BY Assembly Member Bradford
FEBRUARY 19, 2010
An act to amend Section 23036 of, and to add and repeal Sections
23670 and 23671 of, the Revenue and Taxation Code, relating to
taxation.
LEGISLATIVE COUNSEL'S DIGEST
AB 2687, as introduced, Bradford. Corporation taxes: credit: trade
infrastructure investment: import-export cargo.
The Corporation Tax Law authorizes various credits against the
taxes imposed by that law.
This bill would, subject to a subsequent act determining total
cost, authorize credits against those taxes for each taxable year
beginning on or after January 1, 2011, and before January 1, 2021, in
an amount not to exceed 5% of the amount paid or incurred during the
taxable year for capital costs of a project relating to port or
harbor activity, as provided, and in an amount not to exceed the
product of $5 and the number of tons of additional qualified cargo,
as provided. This bill would require the Legislative Analyst to
evaluate the effectiveness of this tax credit, as provided.
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. The Legislature finds and declares all of the
following:
(a) The primary purpose of this act is to encourage private
investment in, and the use of, public port facilities in California.
(b) Because there are limited public funding sources for port and
cargo infrastructure facilities, and the need to invest in our ports
and port facilities has not abated during the economic downturn,
additional private investment and public-private partnerships should
be encouraged as a means to assist in the financing improvements to
California's public ports and port infrastructure facilities.
(c) The development, improvement, expansion, and maintenance of
the state's public ports and port infrastructure facilities, and the
utilization of public port facilities for the import and export of
cargo to or from distribution, manufacturing, fabrication, assembly,
processing, or warehousing sites in California, are essential to
California's economic health and the ability of business and industry
associated with the maritime industry to compete cost-effectively on
a regional, national, and global scale.
SEC. 2. Section 23036 of the Revenue and Taxation Code is amended
to read:
23036. (a) (1) The term "tax" includes any of the following:
(A) The tax imposed under Chapter 2 (commencing with Section
23101).
(B) The tax imposed under Chapter 3 (commencing with Section
23501).
(C) The tax on unrelated business taxable income, imposed under
Section 23731.
(D) The tax on S corporations imposed under Section 23802.
(2) The term "tax" does not include any amount imposed under
paragraph (1) of subdivision (e) of Section 24667 or paragraph (2) of
subdivision (f) of Section 24667.
(b) For purposes of Article 5 (commencing with Section 18661) of
Chapter 2, Article 3 (commencing with Section 19031) of Chapter 4,
Article 6 (commencing with Section 19101) of Chapter 4, and Chapter 7
(commencing with Section 19501) of Part 10.2, and for purposes of
Sections 18601, 19001, and 19005, the term "tax" also includes all of
the following:
(1) The tax on limited partnerships, imposed under Section 17935,
the tax on limited liability companies, imposed under Section 17941,
and the tax on registered limited liability partnerships and foreign
limited liability partnerships imposed under Section 17948.
(2) The alternative minimum tax imposed under Chapter 2.5
(commencing with Section 23400).
(3) The tax on built-in gains of S corporations, imposed under
Section 23809.
(4) The tax on excess passive investment income of S corporations,
imposed under Section 23811.
(c) Notwithstanding any other provision of this part, credits are
allowed against the "tax" in the following order:
(1) Credits that do not contain carryover provisions.
(2) Credits that, when the credit exceeds the "tax," allow the
excess to be carried over to offset the "tax" in succeeding taxable
years, except for those credits that are allowed to reduce the "tax"
below the tentative minimum tax, as defined by Section 23455. The
order of credits within this paragraph shall be determined by the
Franchise Tax Board.
(3) The minimum tax credit allowed by Section 23453.
(4) Credits that are allowed to reduce the "tax" below the
tentative minimum tax, as defined by Section 23455.
(5) Credits for taxes withheld under Section 18662.
(d) Notwithstanding any other provision of this part, each of the
following applies:
(1) No credit may reduce the "tax" below the tentative minimum tax
(as defined by paragraph (1) of subdivision (a) of Section 23455),
except the following credits:
(A) The credit allowed by former Section 23601 (relating to solar
energy).
(B) The credit allowed by former Section 23601.4 (relating to
solar energy).
(C) The credit allowed by former Section 23601.5 (relating to
solar energy).
(D) The credit allowed by Section 23609 (relating to research
expenditures).
(E) The credit allowed by former Section 23609.5 (relating to
clinical testing expenses).
(F) The credit allowed by Section 23610.5 (relating to low-income
housing).
(G) The credit allowed by former Section 23612 (relating to sales
and use tax credit).
(H) The credit allowed by Section 23612.2 (relating to enterprise
zone sales or use tax credit).
(I) The credit allowed by former Section 23612.6 (relating to Los
Angeles Revitalization Zone sales tax credit).
(J) The credit allowed by former Section 23622 (relating to
enterprise zone hiring credit).
(K) The credit allowed by Section 23622.7 (relating to enterprise
zone hiring credit).
(L) The credit allowed by former Section 23623 (relating to
program area hiring credit).
(M) The credit allowed by former Section 23623.5 (relating to Los
Angeles Revitalization Zone hiring credit).
(N) The credit allowed by former Section 23625 (relating to Los
Angeles Revitalization Zone hiring credit).
(O) The credit allowed by Section 23633 (relating to targeted tax
area sales or use tax credit).
(P) The credit allowed by Section 23634 (relating to targeted tax
area hiring credit).
(Q) The credit allowed by former Section 23649 (relating
to qualified property).
(R) The credit allowed by Section 23670 (relating to trade
infrastructure investments).
(S) The credit allowed by Section 23671 (relating to import-export
cargo).
(2) No credit against the tax may reduce the minimum franchise tax
imposed under Chapter 2 (commencing with Section 23101).
(e) Any credit which is partially or totally denied under
subdivision (d) is allowed to be carried over to reduce the "tax" in
the following year, and succeeding years if necessary, if the
provisions relating to that credit include a provision to allow a
carryover of the unused portion of that credit.
(f) Unless otherwise provided, any remaining carryover from a
credit that has been repealed or made inoperative is allowed to be
carried over under the provisions of that section as it read
immediately prior to being repealed or becoming inoperative.
(g) Unless otherwise provided, if two or more taxpayers share in
costs that would be eligible for a tax credit allowed under this
part, each taxpayer is eligible to receive the tax credit in
proportion to his or her respective share of the costs paid or
incurred.
(h) Unless otherwise provided, in the case of an S corporation,
any credit allowed by this part is computed at the S corporation
level, and any limitation on the expenses qualifying for the credit
or limitation upon the amount of the credit applies to the S
corporation and to each shareholder.
(i) (1) With respect to any taxpayer that directly or indirectly
owns an interest in a business entity that is disregarded for tax
purposes pursuant to Section 23038 and any regulations thereunder,
the amount of any credit or credit carryforward allowable for any
taxable year attributable to the disregarded business entity is
limited in accordance with paragraphs (2) and (3).
(2) The amount of any credit otherwise allowed under this part,
including any credit carryover from prior years, that may be applied
to reduce the taxpayer's "tax," as defined in subdivision (a), for
the taxable year is limited to an amount equal to the excess of the
taxpayer's regular tax (as defined in Section 23455), determined by
including income attributable to the disregarded business entity that
generated the credit or credit carryover, over the taxpayer's
regular tax (as defined in Section 23455), determined by excluding
the income attributable to that disregarded business entity. No
credit is allowed if the taxpayer's regular tax (as defined in
Section 23455), determined by including the income attributable to
the disregarded business entity is less than the taxpayer's regular
tax (as defined in Section 23455), determined by excluding the income
attributable to the disregarded business entity.
(3) If the amount of a credit allowed pursuant to the section
establishing the credit exceeds the amount allowable under this
subdivision in any taxable year, the excess amount may be carried
over to subsequent taxable years pursuant to subdivisions (d), (e),
and (f).
(j) (1) Unless otherwise specifically provided, in the case of a
taxpayer that is a partner or shareholder of an eligible pass-through
entity described in paragraph (2), any credit passed through to the
taxpayer in the taxpayer's first taxable year beginning on or after
the date the credit is no longer operative may be claimed by the
taxpayer in that taxable year, notwithstanding the repeal of the
statute authorizing the credit prior to the close of that taxable
year.
(2) For purposes of this subdivision, "eligible pass-through
entity" means any partnership or S corporation that files its return
on a fiscal year basis pursuant to Section 18566, and that is
entitled to a credit pursuant to this part for the taxable year that
begins during the last year a credit is operative.
(3) This subdivision applies to credits that become inoperative on
or after the operative date of the act adding this subdivision.
SEC. 3. Section 23670 is added to the Revenue and Taxation Code,
to read:
23670. (a) Subject to the total cost of the credit described in
this section being determined by the Legislature, as described in
subdivision (h), for each taxable year beginning on or after January
1, 2011, and before January 1, 2021, there shall be allowed as a
trade infrastructure investment tax credit against the "tax," as
defined by Section 23036, an amount equal to no more than 5 percent
of the total capital costs of each qualifying project constructed in
this state, subject to the terms, conditions, and qualifications
established by this section.
(b) For purposes of this section:
(1) "Breakbulk cargo" means any commodities, machinery, equipment,
materials, products, or other cargo transported as palletized or
unpalletized bagged, packaged, wrapped, drummed, baled, or crated
goods, which are shipped via oceangoing vessel. For purposes of this
section, automobiles, trucks, and lumber shall be considered
breakbulk cargo. Breakbulk cargo shall not include any liquid or dry
commodities that are handled in bulk or any containerized cargo.
(2) "Capital costs" means all costs and expenses incurred by one
or more investing taxpayers in connection with the acquisition,
construction, installation, and equipping of a qualifying project,
including any environmental mitigation undertaken specifically to
reduce the impacts of a qualifying project, during the period
commencing with the date on which the acquisition, construction,
installation, and equipping commences and ending on the date on which
the qualifying project is placed in service.
(A) Capital costs shall include, but not be limited to, the
following:
(i) The costs of acquiring, constructing, installing, equipping,
and financing a qualifying project, including all obligations
incurred for labor and to contractors, subcontractors, builders, and
materialmen.
(ii) The costs of acquiring land or rights in land and any cost
incidental thereto, including recording fees.
(iii) The costs of contract bonds and of insurance of any kind
that may be required or necessary during the acquisition,
construction, or installation of a qualifying project.
(iv) The costs of architectural and engineering services,
including test borings, surveys, estimates, plans, specifications,
preliminary investigations, environmental mitigation, and supervision
of construction, as well as for the performance of all the duties
required by or consequent upon the acquisition, construction, and
installation of a qualifying project.
(v) The costs associated with installation of fixtures and
equipment, surveys, including archaeological and environmental
surveys, site tests and inspections, subsurface site work,
excavation, removal of structures, roadways, and other surface
obstructions, filling, grading, paving, and provisions for drainage,
storm water retention, installation of utilities, including water,
sewerage treatment, gas, electricity, communications, and similar
facilities, and off-site construction of utility extensions to the
boundaries of the property.
(vi) The costs of completing any environmental mitigation related
to the qualifying project.
(vii) All other costs of a nature comparable to those described,
including, but not limited to, all project costs required to be
capitalized for federal income tax purposes pursuant to the
provisions of Section 263(a) of Title 26 of the United States Code.
(viii) Costs otherwise defined as capital costs incurred by the
investing taxpayer where the investing taxpayer is the lessee under a
lease that contains a term of not less than five years and is
characterized as a capital lease for federal income tax purposes.
(B) Capital costs shall not include property owned or leased by
the investing taxpayer or a related entity before the commencement of
the acquisition, construction, installation, or equipping of the
qualified project, unless the property was physically located outside
the state for a period of at least one year prior to the date on
which the qualifying project was placed in service.
(3) "Containerized cargo" shall mean any machinery, equipment,
materials, products, commodities, or any other cargo transported by
containers, which are rigid, sealable, reusable metal boxes built to
a recognized international standard, in which goods are shipped via
oceangoing vessel.
(4) "Export" means any breakbulk or containerized cargo which is
shipped in interstate or foreign commerce from the State of
California to a foreign country or a domestic noncontiguous state or
territory via oceangoing vessel.
(5) "Import" means any breakbulk or containerized cargo which is
shipped in interstate or foreign commerce to the State of California
from a foreign country or from a domestic noncontiguous state or
territory via oceangoing vessel.
(6) "Investing taxpayer" means a taxpayer corporation,
partnership, limited liability company, proprietorship, trust, or
other business entity, regardless of form, making a qualified
investment.
(7) "Oceangoing vessel" means a vessel, ship, or barge engaged,
for compensation, in transporting breakbulk or containerized cargo in
interstate or foreign commerce.
(8) "Port or port and harbor activity" means any trade or business
conducted on premises in which a public port or harbor district has
an ownership, leasehold, or other possessory interest and those
premises are used as part of the regular cargo-related operations of
a public port or proposed to be used as part of pending construction
of a qualifying project.
(9) "Project" means any land, building, or other improvement, and
all real and personal properties deemed necessary or useful in
connection therewith, whether or not previously in existence, located
or to be located on public port property or within the planning
jurisdiction of a public port in this state.
(10) "Public port" means any port or harbor operating under grant
from the state, subject to the restrictions of the tidelands trust,
or any other public port or harbor district established by a
political subdivision of the state for the purposes of conducting
interstate or foreign trade.
(11) "Qualifying investment" means the undertaking by one or more
investing taxpayers of a qualifying project.
(12) "Qualifying project" means a project to be undertaken by one
or more investing taxpayers that has a capital cost of not less than
five million dollars ($5,000,000) and at which the predominant trade
or business activity conducted will constitute industrial,
warehousing, or port and harbor operations and cargo handling,
including any port or port and harbor activity, and which is
certified by the Franchise Tax Board pursuant to the terms of this
section.
(c) The tax credit shall be earned at the time the total capital
costs are identified by an investing taxpayer in a qualified project.
However, tax credits shall not be earned for capital costs expended
prior to January 1, 2011, and shall not be applied against a tax
liability until the project receives certification from the Franchise
Tax Board.
(d) A project shall not be certified as a qualifying project
unless the Franchise Tax Board determines that there will be
sufficient revenue received by the state as a result of the economic
impacts from the completion of the project from increased port or
port and harbor activity, whether because of the grant of the tax
credit or otherwise, to offset the cost to the state of providing the
tax credit.
(e) The Franchise Tax Board shall develop a dynamic revenue
anticipation model designed to estimate the following economic
impacts from the completion of a qualifying project:
(1) The total state tax revenues generated by the project and
project-related economic activity.
(2) The total local tax and user fee revenues generated by the
project and project-related economic activity.
(3) The total jobs created by the project and project-related
economic activity, including the impact of the project on the
employment of California residents.
(4) The impact of the qualifying project on the overall economy of
the state.
(f) (1) An investing taxpayer seeking certification of a
qualifying project shall submit an application to the Franchise Tax
Board that includes the following information:
(A) A detailed description of the qualifying project, including a
summary of total actual capital costs prepared by an independent
certified public accountant.
(B) A revenue analysis prepared pursuant to the Franchise Tax
Board's model developed pursuant to subdivision (e).
(C) A statement that the proposed project meets the requirements
of this section, as well as any subsequent requirements adopted by
the Franchise Tax Board to facilitate the administration of this
section, to be classified as a qualifying project, accompanied by any
relevant evidence or supporting documents necessary to the
statement.
(D) The name of each investing taxpayer or the name or names of
its shareholders, partners, members, owners, or beneficiaries that
will become entitled to the tax credit.
(E) Any other information required by the Franchise Tax Board.
(2) If the application is incomplete, additional information may
be requested prior to further action by the Franchise Tax Board.
(3) The Franchise Tax Board may develop a standard form,
instructions, or form and instructions to facilitate the submission
of applications pursuant to this paragraph.
(4) The applicant shall remit a fee paid to the Franchise Tax
Board that shall cover the costs of the Franchise Tax Board's review
and evaluation of the project application.
(g) (1) The Franchise Tax Board shall certify a qualifying project
upon making a finding that the terms of this section have been met.
(2) The Franchise Tax Board shall submit notice of its
certification of a project as a qualifying project to the Department
of Finance, the Joint Legislative Budget Committee, and the
Legislative Analyst.
(3) The certification shall include a unique identifying number
for each qualifying project, the total amount of tax credits eligible
to be applied to the qualifying project, and the amount equal to 5
percent of each taxable year.
(h) (1) A tax credit for a certified qualifying project for any
taxable year shall not be allowed under this section an investing
taxpayer until the project receives notification from the Franchise
Tax Board of the amount available to be applied, which shall not
exceed 5 percent of total project capital costs, for the current
taxable year.
(2) The amount available to be applied to a project shall be equal
to the project's share of the total cost of this credit as will be
determined by the Legislature, based on each project's percentage of
the total amount of project capital costs certified by the Franchise
Tax Board as of July 1 of each taxable year.
(3) The Franchise Tax Board shall make all notifications pursuant
to this paragraph within 90 days of an appropriation by the
Legislature for the purposes of funding the tax credit, or, if no
appropriation is made, within 90 days of the adoption of a state
budget.
(i) The aggregate of all credits determined under subdivision (a)
for a qualifying project shall not exceed the total capital costs of
the project.
(j) In the case where 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 10 succeeding years if necessary, until the
credit is exhausted.
(k) If an investing taxpayer that claims a credit under this
section sells, transfers, or otherwise disposes of, either directly
or indirectly, a qualifying project within 10 years of the taxable
year during which it first claimed the credit, there shall be added
to the "tax" of the investing taxpayer during the taxable year of
sale, transfer, or disposition an amount equal to the total credit
claimed multiplied by a fraction, the numerator of which is the
remaining term of 10 years and the denominator of which is 10, unless
an equivalent balance of the credit is expressly assigned to the new
owner of the qualified project in question and the assignment is
approved by the Franchise Tax Board.
(l) The Franchise Tax Board may audit any certified qualifying
project or inspect the physical site of the qualifying project in
order to verify claims and costs presented to the Franchise Tax Board
by an investing taxpayer in an application.
(m) (1) If the Franchise Tax Board finds that funds for which an
investing company received credits according to the provisions of
this section are not invested in and expended with respect to capital
costs of a qualifying investment, the investing company's tax for
that taxable year shall be increased by an amount necessary for the
recapture of credit provided by this section.
(2) Interest that may be assessed and collected on recovered
credits computed from the original due date of the return on which
the credit was taken.
(3) The provisions of this section shall be in addition to and
shall not limit the authority of the Franchise Tax Board to assess or
to collect under any other provision of law.
(n) By January 1, 2020, the Legislative Analyst shall prepare an
evaluation of the effectiveness of the infrastructure investment tax
credit, which shall include the overall impact of the tax credits,
the amount of the tax credits issued, the number of new jobs created,
the amount of California payroll created, the economic impact of the
tax credits on the port and maritime industry located in this state
and regionally, the amount of new infrastructure that has been
developed in the state, and any other factors that describe the
impact of the program.
(o) This section shall remain in effect only until December 1,
2021, and as of that date is repealed, and an investor tax credit
pursuant to the provisions of this section shall not be granted after
that date.
SEC. 4. Section 23671 is added to the Revenue and Taxation Code,
to read:
23671. (a) Subject to the total cost of the credit described in
this section being determined by the Legislature, as provided in
subdivision (f), for each taxable year beginning on or after January
1, 2011, and before January 1, 2021, there shall be allowed as an
import-export cargo tax credit against the "tax," as defined by
Section 23036, of an amount equal to no more than the product of five
dollars ($5) and the taxpayer's number of tons of additional
qualified cargo for the taxable year, subject to the terms,
conditions, and qualifications of this section.
(b) For purposes of this section, subdivision (b) of Section 23670
and the following shall apply:
(1) "Additional cargo" means the amount of qualified cargo moved
in the current taxable year over and above the cargo moved in the
previous taxable year.
(2) "Qualified business entity" means a taxpayer corporation,
partnership, limited liability company, or other commercial entity,
all or a portion of whose activities involve the import or export of
breakbulk or containerized cargo to or from cargo facilities located
within California.
(3) "Qualified cargo" means any breakbulk or containerized cargo
which is imported or exported to or from a manufacturing,
fabrication, assembly, distribution, processing, or warehouse
facility located in California and which is moved by way of an
oceangoing vessel berthed at a public port facility in California
during the taxable year and certified by the Franchise Tax Board as
meeting the terms of this section.
(4) "Ton" means a net ton of 2,000 pounds and in the case of
containerized cargo it shall exclude the weight of the container.
(c) A project shall not be certified as a qualifying project
unless the Franchise Tax Board determines that there will be
sufficient revenue received by the state as a result of the economic
impacts from the additional qualified cargo import or export
activity, whether because of the grant of the tax credit or
otherwise, to offset the cost to the state of providing the tax
credit.
(d) The Franchise Tax Board shall develop a dynamic revenue
anticipation model designed to estimate the following economic
impacts from the additional qualifying cargo identified:
(1) The total state tax revenues generated by the additional cargo
and cargo-related economic activity.
(2) The total local tax and user fee revenues generated by the
cargo and cargo-related economic activity.
(3) The total jobs created by the cargo and cargo-related economic
activity, including the impact of the cargo on the employment of
California residents.
(4) The impact of the qualified cargo on the overall economy of
the state.
(e) (1) A qualified business entity seeking certification of a
qualified cargo shall submit an application to the Franchise Tax
Board that includes the following information:
(A) A verified statement of additional cargo volume data for the
taxable year for which the credit is being sought and the cargo
volumes for the taxable year prior to the taxable year of the
application, specifically including the total annual volume and tons
of breakbulk or containerized cargo imported and exported from or to,
manufacturing, fabrication, assembly, distribution, processing, or
warehousing facilities located in California.
(B) A revenue analysis prepared pursuant to the Franchise Tax
Board's model developed pursuant to subdivision (d).
(C) A statement that the proposed project meets the requirements
of this section, as well as any subsequent requirements adopted by
the Franchise Tax Board to
facilitate the administration of this section, to be classified as a
qualifying project, accompanied by any relevant evidence or
supporting documents necessary to the statement.
(D) Any other information required by the Franchise Tax Board.
(2) If the application is incomplete, additional information may
be requested prior to further action by the Franchise Tax Board.
(3) The Franchise Tax Board may develop a standard form,
instructions, or form and instructions to facilitate the submission
of applications pursuant to this paragraph.
(4) The applicant shall remit a fee paid to the Franchise Tax
Board, which shall cover the costs of the Franchise Tax Board's
review and evaluation of the project application.
(f) The Franchise Tax Board shall certify additional cargo as
qualifying cargo upon making a finding that the terms of this section
have been met, subject to all of the following:
(1) A tax credit shall not be allowed under this section in a
taxable year for which no amount is determined for the purpose of
funding the costs of the credit.
(2) The amount available to be applied to any additional qualified
cargo shall never exceed five dollars ($5) per ton of cargo, but may
be less than five dollars ($5) per ton if equal to the qualifying
business entity's share of the total cost of this credit as will be
determined by the Legislature, based on each qualifying business
entity's percentage of the total amount of additional qualified cargo
certified by the Franchise Tax Board as of July 1 of each taxable
year.
(3) The Franchise Tax Board shall notify a qualifying business
entity with additional qualified cargo applications submitted prior
to July 1 of each taxable year within 90 days of an appropriation by
the Legislature for the purposes of funding the tax credit, or, if no
appropriation is made, within 90 days of the adoption of a state
budget.
(g) In the case where 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 10 succeeding years if necessary, until the
credit is exhausted.
(h) The Franchise Tax Board may promulgate rules and regulations
as necessary to implement the provisions of this section.
(i) The Franchise Tax Board may audit any qualified business
entity in order to verify claims presented to the Franchise Tax Board
in an application submitted pursuant to this section.
(j) (1) If the Franchise Tax Board finds that any claims regarding
additional cargo for which a qualified business entity received
credits according to the provisions of this section were inaccurate,
the qualified business entity's tax for that taxable period shall be
increased by an amount necessary for the recapture of credit provided
by this section.
(2) Interest that may be assessed and collected on recovered
credits computed from the original due date of the return on which
the credit was taken.
(3) The provisions of this section shall be in addition to and
shall not limit the authority of the Franchise Tax Board to assess or
to collect under any other provision of law.
(k) By January 1, 2020, the Legislative Analyst shall prepare an
evaluation of the effectiveness of the import-export tax credit which
shall include the overall impact of the tax credits, the amount of
the tax credits issued, the number of new jobs created, the amount of
California payroll created, the economic impact of the tax credits
on the port and maritime industry located in this state and
regionally, the amount of new infrastructure that has been developed
in the state, and any other factors that describe the impact of the
program.
(l) This section shall remain in effect only until December 1,
2021, and as of that date is repealed, and no investor tax credit
pursuant to the provisions of this section shall be granted after
that date.