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| Authors |
Alvarado-Gil
Coauthors: Choi Dahle Niello Ochoa Bogh Seyarto Valladares Alanis Macedo |
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| Subject | Income tax: credits: food banks. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Relating To | relating to taxation, to take effect immediately, tax levy. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title | An act to amend Sections 17053.88.5 and 23688.5 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Last Action Dt | 2025-06-16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| State | Amended Assembly | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Status | In Committee Process | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Analyses | TBD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Latest Text | Bill Full Text | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Latest Text Digest |
The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including, for taxable years beginning on or after January 1, 2017, and before January 1, 2027, a credit for qualified taxpayers in an amount equal to 15% of the qualified value of fresh fruits or vegetables and specified raw agricultural products or processed foods donated to a food bank. This bill would extend the authorization for those tax credits for taxable years beginning before January 1, 2032. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals that the tax expenditure will achieve, detailed performance indicators, and data collection requirements. For purposes of complying with these requirements, existing law requires the Franchise Tax Board to submit a report to the Legislature regarding the utilization of the credit on or before December 1 of each year until January 1, 2026. This bill would extend that reporting requirement to December 1, 2035. This bill would take effect immediately as a tax levy. |