CA SB952

Repeals the additional 1% state sales and use tax rate, effective on the first day of the first calendar quarter commencing more than 90 days after the bill's enactment.

Restores the dependent exemption credit to $227 for taxable years beginning on or after January 1, 2010 (previously reduced to $52 for 2009).

Eliminates the 0.25% income tax rate increase that applied to taxable years beginning January 1, 2009 through December 31, 2009.

Restores the alternative minimum tax rate to 7% for taxable years beginning on or after January 1, 2010 (previously increased to 7.25% for 2009).

Declares the act an urgency statute to take effect immediately.