AB 2656 Summary

• Authorizes the California Transportation Financing Authority to award tax credit certificates totaling $500 million ($100 million per year for five years, 2013-2018) to exporters and importers meeting specified criteria.

• Provides three types of tax credits: $3.125 per ton for increased cargo through California ports; $1,000 per $10,000 of increased cargo through California airports; and $3,000 per net new qualified full-time employee hired in California.

• Allows up to 2 percent tax credit for capital costs incurred on cargo facilities in California with a useful life of five years or more.

• Caps aggregate annual tax credits at $250,000 per taxpayer and establishes a Job and Trade Competitiveness Fee Account to fund the program through applicant fees.

• All provisions expire December 1, 2018, with credits available only for taxable years beginning January 1, 2013 through December 31, 2017.