AB 1435 (Nguyen D) Personal Income Tax Law: Corporation Tax Law: credits: cleanup costs.

Current Text: Amended: 4/28/2025
Last Amend: 4/28/2025
Status: 6/5/2025-From committee: Without further action pursuant to Joint Rule 62(a).
Location: 4/29/2025-A. REV. & TAX
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.