Personal Income Tax Law: Corporation Tax Law: credits: retail security measures.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Revenue and Taxation
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill creates a tax credit for qualified retailers in California to help offset the costs of implementing retail theft prevention measures. Retailers can claim a credit of up to $10,000 per year for expenses like security cameras, security officers, and alarm systems, provided they meet certain employee and expenditure thresholds. The credit is available through 2030 and can be carried over for up to seven years if it exceeds the taxpayer's tax liability.
Key provisions
- Allows a $10,000 credit per year for retail theft prevention measures.
- Defines ‘qualified taxpayer’ as a retailer primarily engaged in retail trade.
- Sets thresholds for qualified expenditures based on the number of full-time equivalent employees.
- Lists specific retail theft prevention measures eligible for the credit.
- Allows unused credit to be carried over for up to seven years.
- Requires the Franchise Tax Board to develop rules and guidelines for the credit.
- Mandates reporting on credit usage and value to the legislature.
Who is affected
- Retailers
- California Taxpayers
- Franchise Tax Board
- Legislature
- Small Businesses
Notable changes
- Establishes a new tax credit specifically for retail theft prevention.
- Includes performance indicators and reporting requirements to assess the credit's effectiveness.
Bill text
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Sponsors
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5 on record
Primary sponsor
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