SB 1269 Summary

• Authorizes a tax credit equal to 50% of qualified amounts for highway maintenance and roadside enhancement donations for taxable years beginning January 1, 2013 through December 31, 2016

• Allows individual taxpayers to claim credits for cash payments, donated materials, equipment, and services (capped at Department of Transportation hourly labor rates) used for state highway maintenance

• Allows corporate taxpayers to claim credits for cash payments and donated materials and equipment only (excludes services)

• Permits unused credits to be carried forward to subsequent years for up to six years or until exhausted

• Requires the Franchise Tax Board to report to the Legislature by January 1, 2016 on credit utilization; both credit sections expire December 1, 2017