Income taxes: credit: trade infrastructure investment.

The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws. This bill would, subject to a subsequent act authorizing the total amount of credit, authorize a credit against those taxes for each taxable year beginning on or after January 1, 2011, and before January 1, 2021, in an amount not to exceed 50% of the total capital costs of a project relating to port or harbor activity, as provided. This bill would require the Legislative Analyst to evaluate the effectiveness of this tax credit, as provided. This bill would require the Franchise Tax Board to certify qualifying projects upon making specified findings and the receipt of a resolution, as specified, which determines that there would be sufficient revenues received by the state as a result of the economic impacts of these projects, to offset the costs to the state of providing the tax credits.