Bill > SB140

This bill makes several changes to California's personal income tax and corporation tax laws: 1. It creates a new refundable tax credit for qualified taxpayers (union members) equal to a percentage of their union dues, up to a maximum amount, to help address income inequality. 2. It makes non-substantive clarifying changes to the small business hiring credit provisions. 3. It provides that the exclusion from gross income for Paycheck Protection Program loan forgiveness applies retroactively to taxable years beginning on or after January 1, 2019. 4. It requires state agencies to share data with the Franchise Tax Board to help inform residents about the availability of the California Earned Income Tax Credit and other anti-poverty tax credits, and appropriates $20,000 for the Franchise Tax Board to administer these data sharing provisions. 5. It shifts responsibility for making the one-time "Better for Families Tax Refund" payments from the Controller to the Franchise Tax Board. The bill states it is intended to take effect immediately as a budget-related measure.

Budget and Finance

Budget and Fiscal Review (S)

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202120220SB140