CA SBX69

Increases the research and development tax credit from 15% to 20% of the excess of qualified research expenses over the base amount for taxable years beginning on or after January 1, 2010.

Modifies both Personal Income Tax Law (Section 17052.12) and Corporation Tax Law (Section 23609) to provide complete conformity with the federal alternative simplified credit under Section 41(c)(5) of the Internal Revenue Code.

Maintains the 24% credit for basic research payments under Corporation Tax Law and limits qualified research to activities conducted within California.

Allows excess credits to carry over to subsequent taxable years until exhausted, with passthrough credit limitations applied annually.

Takes effect immediately as a tax levy.