Store Research
SENATE BILL 426 (MORGAN – 1991)
CHAPTER 472, STATUTES OF 1991
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As enacted Senate Bill 426 amended, renumbered, and repealed several Revenue and Taxation Code sections. (See Exhibit #1e) Senator Rebecca Morgan introduced the bill on February 20, 1991 at the request of the Franchise Tax Board as the annual “bank and corporation tax non-federal conformity technical cleanup bill.” (See Exhibits #1a, #3, and #10)
Senate Bill 426 was assigned to the Senate Committee on Revenue and Taxation and the Assembly Committee on Revenue and Taxation where policy issues raised by the bill were considered. (See Exhibits #3 and #6) The fiscal ramifications of the bill were considered by the Senate Committee on Appropriations and the Assembly Committee on Ways and Means. (See Exhibits #2 and #8) Three amendments were made to Senate Bill 426 during the legislative process. (See Exhibits #1b through #1d and #2) Subsequent to legislative approval, Governor Pete Wilson signed Senate Bill 426 on October 2, 1991 and it was recorded by the Secretary of State on that day as Chapter 472 of the Statutes of 1991. (See Exhibit #1e)
The Special Consent analysis prepared by the Office of Senate Floor Analyses provides the following summary of Senate Bill 426 as it was last amended on August 29, 1991:
ANALYSIS: This bill would make various technical, or supplemental changes, to either the income and/or corporation tax law or both laws, including, among other things, changes that would clarify when a change in law becomes effective, clarify cross references to various codes, clarify and expand the Franchiser Tax Board’s duty for determining the order in which certain credits are allowed, add new rules pertaining to the division of tax credits, provide that the credit for certain equipment utilizing waste materials must be purchased and placed in service prior to claiming the credit and that the credit may be claimed only once, modify the definition of eligible employees and make other changes with respect to the targeted job credit, provide that personal exemptions are allowed only against the tax provided in tax tables, provide for specified rounding off of amounts for the standard deduction, and require that any disaster loss carryforwards be reduced by certain excess capital losses.
(See Exhibit #10, page 1)