AB 1435 (Nguyen D) Personal Income Tax Law: Corporation Tax Law: credits: cleanup costs.
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(Nguyen D) Personal Income Tax Law: Corporation Tax Law: credits: cleanup costs. |
Position: Watch
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Introduced: 2/21/2025 |
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Last Amend: 4/28/2025 |
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Status: 6/5/2025-From committee: Without further action pursuant to Joint Rule 62(a). |
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Location: 4/29/2025-A. REV. & TAX |
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Summary: 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, 2026, and before January 1, 2031, would allow a credit against those taxes to a qualified taxpayer, as defined, for qualified cleanup expenses. 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. |