BILL NUMBER: SBX6 19	AMENDED
	BILL TEXT

	AMENDED IN SENATE  JUNE 30, 2010

INTRODUCED BY   Senator Florez

                        MAY 26, 2010

   An act to add Section 19567 to the Revenue and Taxation Code,
relating to the Franchise Tax Board.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 19, as amended, Florez. Franchise Tax Board: tax expenditure
reporting.
   Existing law authorizes the Franchise Tax Board, as part of its
administrative duties with respect to the collection of taxes, to
furnish specified taxpayer information. Existing law generally
provides that all taxpayer information obtained by the board is to
remain confidential. Existing law provides exceptions to this general
requirement.
   This bill would, notwithstanding existing law, require the
Franchise Tax Board to annually compile specified information
relating to a  publicly traded  corporation receiving
credits of $20,000 or more, allowed from corporate tax expenditures,
as provided. The bill would require the board to include the
information in the California Income Tax Expenditure Report and on
the state  transparency   Reporting Transparency
in Government  Internet Web site.
   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 19567 is added to the Revenue and Taxation
Code, to read:
   19567.  (a) For purposes of this  section, "corporate tax
  section: 
    (1)     "Corporate tax  expenditure"
means any credit allowed under Part 11 (commencing with Section
23001) or otherwise available to a corporation. 
   (2) "Publicly traded corporation" means a corporation 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 bid and asked prices, that are regularly
published by one or more broker-dealers in the National Daily
Quotation Service or similar service. 
   (b) Notwithstanding any other law, the Franchise Tax Board shall
annually compile all of the following information, commencing with
information based on the 2010 taxable year:
   (1) The name, mailing address, and California corporation number
when applicable of  any taxpayer   a publicly
traded corporation  receiving credits of twenty thousand dollars
($20,000) or more allowed from corporate tax expenditures.
   (2) The amount claimed by  each taxpayer   a
publicly traded corporation  for the corporate tax expenditure.
   (c) The information collected by the Franchise Tax Board pursuant
to subdivision (b)  and this subdivision  shall be included
in a timely manner on the state Reporting Transparency in Government
Internet Web site. 
   (1) The information shall be compiled on a credit-by-credit basis
and searchable by taxpayer name, corporation number when available,
expenditure type, and key word.  
   (A) The corporation's name.  
   (1) The following information shall be compiled on a
credit-by-credit basis and searchable by a publicly traded
corporation's name, corporation number when available, expenditure
type, and key word:  
   (A) The publicly traded corporation's name. 
   (B) The California corporation number, when applicable.
   (C) The name of the tax credit claimed.
   (D) The amount of the tax credit claimed.
   (E) A description of the initial justification for the
expenditure.
   (2) All data shall be available for download by the public on the
state Reporting Transparency in Government Internet Web site in Excel
or comparable spreadsheet format.