summary
Introduced
02/19/2021
02/19/2021
In Committee
06/21/2022
06/21/2022
Crossed Over
06/02/2021
06/02/2021
Passed
Dead
08/31/2022
08/31/2022
Introduced Session
2021-2022 Regular Session
Bill Summary
An act to add Article 6 (commencing with Section 12264) to Chapter 3 of Part 7 of Division 2 of the Revenue and Taxation Code, relating to taxation, and making an appropriation therefor.
AI Summary
This bill establishes the California Jumpstart Act, which allows a tax credit against insurance premium taxes for relief contributions made by insurers to certified relief funds. The relief funds must use the contributions to make investments in small businesses located in economically disadvantaged or high unemployment areas of California, with a focus on businesses owned by minorities, women, disabled veterans, and LGBTQ+ individuals. The bill sets limits on the total amount of credits that can be claimed and imposes requirements on the relief funds to ensure the investments are made in eligible small businesses. The bill also establishes the Treasury Relief Investment Fund to support the program's administration and requires annual reporting to the Legislature on the program's outcomes.
Committee Categories
Budget and Finance, Labor and Employment
Sponsors (6)
Steve Bradford (D)*,
Anna Caballero (D)*,
Robert Hertzberg (D)*,
Jim Nielsen (R)*,
Chad Mayes (I),
Cottie Petrie-Norris (D),
Last Action
June 27 hearing: Heard for testimony only. (on 06/27/2022)
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