Personal Income Tax Law: Corporation Tax Law: credits: cleanup costs.

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Personal Income Tax Law: Corporation Tax Law: credits: cleanup costs.

AB 1606, as amended, Nguyen.

What This Bill Does

• AB 1606, as amended, Nguyen.
• Personal Income Tax Law: Corporation Tax Law: credits: cleanup costs.
• The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws.
• This bill, for taxable years beginning on or after January 1, 2027, and before January 1, 2032, would allow a credit against those taxes to a qualified taxpayer, as defined, for 30% of the qualified cleanup expenses.

Limits and Unknowns

• This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Official Summary Text

AB 1606, as amended, Nguyen.
Personal Income Tax Law: Corporation Tax Law: credits: cleanup costs.
The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws.
This bill, for taxable years beginning on or after January 1, 2027, and before January 1, 2032, would allow a credit against those taxes to a qualified taxpayer, as defined, for
30% of the
qualified cleanup
expenses.
expenses paid or incurred during the taxable year, and would limit the credit to $20,000 per taxable year.
The bill would define qualified cleanup expenses for this purpose to mean costs
directly related to the one-time removal and disposal of unauthorized encampments, illegal dumping, and abandoned property, as provided. The bill would require a taxpayer to certify, under penalty of perjury, that the costs reflected in documentation are directly related to qualified cleanup expenses. The bill would make related findings. By expanding the crime of perjury, this bill would impose a state-mandated local program.
Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements.
This bill also would include additional information required for any bill authorizing a new tax expenditure.
The California Constitution requires the
state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that no reimbursement is required by this act for a specified reason.
This bill would take effect immediately as a tax levy.

Current Bill Text

Download Bill PDF