SB 302: Personal Income Tax Law and Corporation Tax Law: exclusions: environmental credits.

This bill would exclude from gross income refund payments made for specified federal environmental credits and payments received by a transferor as consideration for a transfer, starting from January 1, 2026, and before January 1, 2031. The bill also prohibits a transferee from deducting the amount paid as consideration for the transfer. The bill aims to align with federal law and includes additional information required for new tax expenditures. The bill would take effect immediately as a tax levy, and requires specific goals, purposes, and objectives, detailed performance indicators, and data collection requirements.