Vetoed by Governor Arnold Schwarzenegger

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that requires any personal income, corporate franchise, or alternative minimum tax legislation introduced to meet new requirements.

Highlights:

• Requires any legislation introduced on or after January 1, 2011 that would authorize a new credit against personal income tax, corporate franchise tax, or alternative minimum tax to contain the following (Sec 2.):
• Specific goals, purposes, and objectives that the tax credit will achieve;
• Detailed performance indicators for the Legislature to use when measuring whether the tax credit meets the goals, purposes, and objectives stated in the bill;
• Data collection requirements to enable the Legislature to determine whether the tax credit is meeting, failing to meet, or exceeding those specific goals, purposes, and objectives; and
• A requirement that the credit be repealed on January 1 of the year following the date that is 7 taxable years after its effective date.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that requires any personal income, corporate franchise, or alternative minimum tax legislation introduced to meet new requirements.

Highlights:

• Requires any legislation introduced on or after January 1, 2011 that would authorize a new credit against personal income tax, corporate franchise tax, or alternative minimum tax to contain the following (Sec 2.):
• Specific goals, purposes, and objectives that the tax credit will achieve;
• Detailed performance indicators for the Legislature to use when measuring whether the tax credit meets the goals, purposes, and objectives stated in the bill;
• Data collection requirements to enable the Legislature to determine whether the tax credit is meeting, failing to meet, or exceeding those specific goals, purposes, and objectives; and
• A requirement that the credit be repealed on January 1 of the year following the date that is 7 taxable years after its effective date.

Full Bill Text