Personal Income Tax Law and Corporation Tax Law: credits: local news outlets: business expense deduction: excessive employee remuneration.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to support local news organizations in California by providing a tax credit. It allows qualified news outlets to claim credits for hiring and employing journalists, up to a maximum of $20,000 per journalist, with additional amounts for part-time journalists and new journalism positions. The bill also seeks to align California tax law with federal regulations regarding employee remuneration and requires the Franchise Tax Board to report on credit distribution and administration.
Key provisions
- Allows a credit of up to $20,000 per qualifying journalist employed full-time.
- Provides additional credits for part-time journalists and new journalism positions.
- Establishes criteria for ‘qualified taxpayer’ and ‘qualifying journalist’ including residency and employment terms.
- Requires the Franchise Tax Board to publish a report detailing credit recipients and amounts awarded.
- Conforms California tax law to federal regulations regarding employee remuneration.
- Creates a continuously appropriated account (Tax Relief and Refund Account or Corporation Tax Fund) to fund the credits.
- Specifies a sunset date for the credit (December 1, 2032).
- Requires the Franchise Tax Board to provide guidance on administering and enforcing the tax credit.
Who is affected
- Local news organizations
- Journalists
- California taxpayers
- The Franchise Tax Board
Bill text
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Sponsors
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6 on record
Primary sponsor
Cosponsors
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