SBx8 55 ( Calderon )

Digest:  The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws, including a credit, for taxable years beginning on or after January 1, 2011, in an amount equal to a specified percentage of ... »More

Digest:  The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws, including a credit, for taxable years beginning on or after January 1, 2011, in an amount equal to a specified percentage of the qualified expenditures, as defined, attributable to the production of a qualified motion picture in California, or, where the qualified motion picture has relocated to California or is an independent film, as provided. Existing law limits the amount of credits that may be allocated in any fiscal year, as specified, and prohibits the allocation of any credits from a fiscal year other than the fiscal year in which the credit was originally applied for or the immediately succeeding fiscal year. This bill would delete that prohibition. The California Constitution authorizes the Governor to declare a fiscal emergencyand to call the Legislature into special session for that purpose. The Governor issued a proclamation declaring a fiscal emergency, and calling a special session for this purpose, on January 8, 2010. This bill would state that it addresses the fiscal emergency declared by the Governor by proclamation issued on January 8, 2010, pursuant to the California Constitution. This bill would take effect immediately as a tax levy. »Less