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SB 1391 (Yee): Tax credits: reporting information and recapture

Author: Leland Yee (D - San Francisco)
CHI Position: OPPOSE

Summary: This bill would require a taxpayer doing business in California that claims a tax credit to submit to the Franchise Tax Board on the original return specified information, including the number of employees employed by the taxpayer in the state and the number of jobs created by the tax credit. It would also require, in cases in which a taxpayer has a net decrease in the number of full-time employees for a credit added by statute on or after January 1, 2011, the credit to be disallowed and the entire amount of any credit previously allowed to be recaptured and the taxpayer liable for any credits on previous tax returns.


Current Bill Text, Status, and Location