AB 2427: Personal Income Tax Law: Corporation Tax Law: tax credits: farming.

The bill provides a tax credit for agricultural businesses that operate on at least 50 acres of land. The credit is equal to 25% of the business's qualified expenditures, but can be increased to 30% if the business purchases low-emission equipment or operates in a high or very high fire hazard severity zone. The credit is capped at $1,000,000 and at $250,000,000 per year. Taxpayers must request a credit reservation from the Department of Food and Agriculture, which will coordinate with the Franchise Tax Board to administer the credit. The unauthorized disclosure of certain information is a misdemeanor. The bill also requires additional information for new tax expenditures and provides that no reimbursement is required for certain costs. The tax levy takes effect immediately.