The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws, including a credit against those taxes 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, if the qualified motion picture has relocated to California or is an independent film, as provided. Existing law allows specified qualified taxpayers to elect to assign the credit, requires specified information from qualified taxpayers that apply for a tax credit allocation, and imposes specified duties on the California Film Commission related to the administration of the credits, including a requirement to allocate the tax credits until July 1, 2015, and limits the aggregate amount of credits that may be allocated to qualified motion pictures in any fiscal year to $100,000,000, through the 2014–15 fiscal year. Existing law additionally allows, in lieu of the credits under the Personal Income Tax Law and the Corporation Tax Law for qualified motion pictures, a credit against qualified state sales and use taxes, as provided.
California SB 1197 (20112012) — Income taxes: credits: film: extension.
The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws, including a credit against those taxes 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, if the qualified motion picture has relocated to California or is an independent film, as provided. Existing law allows specified qualified taxpayers to elect to assign the credit, requires specified information from qualified taxpayers that apply for a tax credit allocation, and imposes specified duties on the California Film Commission related to the administration of the credits, including a requirement to allocate the tax credits until July 1, 2015, and limits the aggregate amount of credits that may be allocated to qualified motion pictures in any fiscal year to $100,000,000, through the 2014–15 fiscal year. Existing law additionally allows, in lieu of the credits under the Personal Income Tax Law and the Corporation Tax Law for qualified motion pictures, a credit against qualified state sales and use taxes, as provided.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
SB 1197 Calderon Senate Third Reading By CALDERON — 71–5 (pass) · lower
Do pass, to Consent Calendar. — 17–0 (pass) · lower
Do pass. — 7–0 (pass) · lower
Sponsors
Calderon — primary (person)
Timeline
The legislative action history — every referral, reading, and vote.
2012-02-22 Introduced. Read first time. To Com. on RLS. for assignment. To print. introduction, reading-1
2012-02-23 From printer. May be acted upon on or after March 24.
2012-03-01 Referred to Com. on GOV. & F. referral-committee
2012-03-22 Set for hearing April 25.
2012-03-27 Hearing postponed by committee.
2012-03-28 Set for hearing May 9.
2012-05-09 Set, first hearing. Hearing canceled at the request of author.
2012-05-29 From committee with author's amendments. Read second time and amended. Re-referred to Com. on GOV. & F. reading-2, reading-1, committee-passage, amendment-passage, referral-committee
2012-05-30 Withdrawn from committee.
2012-05-30 Re-referred to Com. on RLS. referral-committee
2012-06-07 Re-referred to Com. on B., P. & E.D. referral-committee
2012-06-25 From committee with author's amendments. Read second time and amended. Re-referred to Com. on B., P. & E.D. reading-2, reading-1, committee-passage, amendment-passage, referral-committee
2012-07-06 From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 8. Noes 0. Page 4256.) (July 2). amendment-passage, committee-passage, committee-passage-favorable
2012-08-06 Read second time and amended. Re-referred to Com. on APPR. reading-2, reading-1, amendment-passage, referral-committee
2012-08-06 From committee: Be placed on second reading file pursuant to Senate Rule 28.8. committee-passage
2012-08-07 Read second time. Ordered to third reading. reading-2, reading-1
2012-08-09 Read third time. Urgency clause adopted. Passed. (Ayes 38. Noes 0. Page 4439.) Ordered to the Assembly. reading-3, reading-1, passage
2012-08-09 In Assembly. Read first time. Held at Desk. reading-1
2012-08-13 Referred to Com. on B.,P. & C.P. referral-committee
2012-08-15 From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (August 15). Re-referred to Com. on APPR. referral-committee, committee-passage, committee-passage-favorable