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Page 11

PROPOSED BILLS

Continued from page 10

SB 914 (Battin)
This bill would allow a 20 percent credit for qualified costs paid or incurred, not to exceed $1,000, to replace a roof composed of nonretardant fire material with a fire retardant roof on a residential dwelling in California and owned by the taxpayer.

SB 957 (Ackerman)
This bill would increase the dependent exemption credit from $227 to $500 for taxable years beginning on or after January 1, 2001.

SB 981 (Haynes)
This bill would allow a credit equal to 20 percent of the fair market value of developed or undeveloped land in this state that is permanently donated to an affordable housing land conservancy established in this state. The credit would not be allowed unless at least one acre is donated.

SB 1121 (Margett)
This bill would allow a credit in accordance with the federal work opportunity credit. The definition of members of a targeted group would be modified to include only those individuals who are qualified for state disability insurance in this state.

SB 1163 (Vasconcellos)
This bill would allow a 100 percent credit, not to exceed $1,500, for information technology training for the taxpayer or any employee of the taxpayer.

SB 1165 (Brulte)
This bill would increase from 15 percent to 20 percent the credit for qualified research and development expenses.

SBX2 1 (Soto)
This bill would express Legislative intent to provide relief to California consumers of electrical power due to unprecedented increases in electrical rates.

SBX2 16 (Soto)
This bill would allow a 100 percent credit for expenses paid or incurred for a generator providing onsite electric service at a dairy farm located in this state.

SBX2 17 (Brulte)
This bill would allow a credit equal to the applicable percentage of the net cost that is paid or incurred for the purchase and installation of a solar energy system for production of electricity in this state.

SBX2 38 (Oller)
This bill would allow a 100 percent credit for the cost paid or incurred for a backup generator, as defined by the Health and Safety Code, and related hook-up and switching equipment. 

No otherwise allowable deduction could be taken for any cost for which this credit is allowed.

SBX2 49 (Morrow)
This bill would allow a credit equal to the amount paid for excessive energy costs. Excessive energy costs would be computed by formula based on the federal consumer price index for the region or area over 110 percent of the national average of the energy component for the federal consumer price index.

SBX2 54 (Haynes)
This bill would allow a credit equal to the energy conservation percentage multiplied by the cost paid or incurred by the taxpayer during the taxable year for electricity.

SBX2 71 (Perata)
This bill would express Legislative intent to reduce overall system demand by creating an incentive for individual users to install onsite generator equipment.

Be sure to use correct secretary of state number

Many Form 568, Limited Liability Company Return of Income forms filed for tax year 1999 showed incorrect secretary of state numbers.

These are 12 digit numbers that begin with the year the limited liability company organized or registered with the California Secretary of State.

For example, if the limited liability company organized or registered with the California Secretary of State in 1996, the number would be: 1996XXXXXXXX.

We need the correct number to accurately process your client's return. If you're unsure about the secretary of state number, we can help. Call (800) 852-5711.

July/August 2001

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