SB 587
Personal income taxes: credit: manufacturing: sales and use taxes.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Sign in to take action- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Bill overview
This bill creates a tax credit for California businesses, particularly manufacturers, to help offset sales and use taxes paid on purchases of tangible personal property. It allows taxpayers to claim a credit equal to the sales tax reimbursement or use tax paid on purchases that would otherwise be exempt due to local sales and use tax rules. The bill requires the Department of Finance to estimate revenue impacts and mandates legislative appropriation for credit administration, aligning with state tax expenditure guidelines.
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