Sunday, December 25, 2011
The California Franchise Tax Board has released its 2010 Annual Report, with statistical appendix tables in five categories:
- Tax Rates, Exemptions and Standard Deductions
- Personal Income Tax
- Corporation Tax
- Tax Incentive Zones
- Complete Statistical Report (PDF, 3.00 MB, 179 pages)
The FTB also has released 2011 California Income Tax Expenditures Report.
The FTB first published the California Income Tax Expenditures Report in 2003. The report describes only tax expenditures found in California corporation tax and California personal income tax laws. We begin by discussing the concept of tax expenditures and cover many definitional and policy issues. We then present analyses of current tax expenditures within the California income tax system.
We organize the tax expenditures within the report in four categories: Credits, Deductions, Elections, and Exclusions, then we list the items alphabetically within each category.
Figures 1, 2, and 3 summarize the costs and policy goals of the expenditure items discussed in this report. Figures 1 and 2 list the expenditure items. Figure 1 lists items that conform to federal income tax laws. Figure 2 lists items that do not conform to federal income tax laws. Each figure is ranked according to the expenditure’s impact on state revenue. The figures include the cost of the expenditure and the page number where additional information about the expenditure is located. Figure 3 lists tax expenditures by policy goal. Figure 4 presents the usage of carryover credits from expired tax expenditures.