Income tax credits: emergency standby generators.

The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws. This bill would authorize a credit against those taxes for each taxable year beginning on or after January 1, 2011, and before January 1, 2016, in an amount equal to 5% of the amount paid or incurred during the taxable year for the purchase and installation of an emergency standby generator, as defined, at a service station, as defined, located in this state. This bill would, if, in any calendar year, the State Air Resources Board or the State Energy Resources Conservation and Development Commission establishes a certification standard for energy efficient or low emission emergency standby generators, limit this credit to emergency standby generators that satisfy that certification standard, as specified. This bill would require the State Air Resources Board or the State Energy Resources Conservation and Development Commission to notify the Franchise Tax Board of the establishment of a certification standard, as provided, and would require the Franchise Tax Board to post, on its Internet Web site, a notice to taxpayers, as provided. This bill would take effect immediately as a tax levy.