Corporation taxes: disclosure.

The Corporation Tax Law imposes a corporate franchise tax according to or measured by net income computed at a specified rate upon the basis of the net income for that taxable year, or a corporation income tax at a specified rate upon net income derived from sources within this state for that taxable year, on every corporation, except as provided. Existing law provides that it is a misdemeanor for the Franchise Tax Board or specified state employees to disclose or make known any information in a return, report, or document filed under income tax laws, but authorizes the Franchise Tax Board to disclose this information for specified purposes. This bill would, on or before April 1, 2021, and on and before each April 1 thereafter, require the Franchise Tax Board to compile a list of all taxpayers subject to tax under the Corporation Tax Law, with gross receipts of $5,000,000,000 or more, as measured by gross receipts, less returns and allowances, for the taxable year reported on a return in the previous calendar year. The bill would require the list to include the name and tax liability of each taxpayer, the taxable year for which the return is filed, the total gross receipts for that taxable year, and the amount and types of credits claimed for that taxable year. The bill would require the Franchise Tax Board to provide the information to specified committees of the Legislature by May 1, 2021, and each May 1 thereafter, in a list that includes specified information.