SB 1505 Summary

• Establishes the Keep Our Promises Fund as a continuously appropriated fund to provide dedicated revenue to the Department of Veterans Affairs based on annual budget estimates, beginning fiscal year 2013-14.

• Requires the Department of Veterans Affairs to allocate $100 million annually to the California Capital Access Fund for small business loans to veterans and $200 million annually to a new Veterans' Assistance Grant Program providing emergency assistance, counseling, employment training, housing, and legal services.

• Changes corporate income tax apportionment for taxable years beginning January 1, 2012 and later from a four-factor formula to mandatory single sales factor apportionment for most businesses, except those deriving over 50% of receipts from agriculture, extraction, banking, or savings and loan activities.

• Creates a Veterans' Assistance Grant Program allowing the Department of Veterans Affairs to award reimbursement grants to qualified entities (local governments, nonprofits, and veteran service organizations) that implement veterans' assistance programs.

• Modifies rules for determining whether out-of-state sales are attributable to California, including specific provisions for cable systems and networks, and provides special apportionment rules for certain cable companies meeting specific investment and revenue thresholds.