CaliforniaPersonal Income Tax Law: Corporation Tax Law: credits: shortline railroad expenditures and railroad infrastructure.
What it does
The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws.
More detail
This bill, the Shortline Railroad Modernization Act of 2026, would allow credits against those taxes for each taxable year beginning on or after January 1, 2027, and before January 1, 2032, to a qualified taxpayer in an amount equal to 50% of the qualified shortline railroad expenditures and for each taxable year beginning on or after January 1, 2028, and before January 1, 2033, in an amount equal to 50% of the qualified new rail infrastructure expenditures, as defined and specified.
Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements.
This bill would include additional information required for any bill authorizing a new tax expenditure.
This bill would take effect immediately as a tax levy.
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Where it stands
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- May 14May 14 hearing: Held in committee and under submission.Latest
- May 8Set for hearing May 14.
- May 4May 4 hearing: Placed on APPR. suspense file.
- Vote recorded Placed on suspense file. Result: pass.Upper
- Apr 24Set for hearing May 4.
- Apr 22From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0. Page 3985.) (April 21). Re-referred to Com. on APPR.Minor
- Apr 21
- Vote recorded Do pass, but first be re-referred to the Committee on [Appropriations]. Result: pass.Upper
- Apr 14Set for hearing April 21.
- Apr 9Read second time and amended. Re-referred to Com. on TRANS.Major
- Apr 8From committee: Do pass as amended and re-refer to Com. on TRANS. (Ayes 5. Noes 0. Page 3795.) (April 8).Major
- Vote recorded Do pass as amended, but first amend, and re-refer to the Committee on [Transportation]. Result: pass.Upper
- Mar 25Set for hearing April 8.
- Mar 4Referred to Coms. on REV. & TAX. and TRANS.Minor
- Feb 23Read first time.Minor
- Feb 23From printer. May be acted upon on or after March 23.
- Feb 20Introduced. To Com. on RLS. for assignment. To print.Introduced