CA AB1564

Increases the research and development tax credit for personal income tax from 15% to 30% for the general research credit, and from 24% to 39% for the university basic research credit over a five-year period (2014-2018), then returns to 15% and 24% respectively beginning January 1, 2019.

Phases in the increased credit percentages incrementally: 18% and 27% (2014-2015), 21% and 30% (2015-2016), 24% and 33% (2016-2017), 27% and 36% (2017-2018), then 30% and 39% (2018-2019).

Applies the increased credits to both Personal Income Tax Law and Corporation Tax Law, modifying references to federal Internal Revenue Code Section 41.

Requires all qualified research to be conducted in California to be eligible for the credit.

Takes effect immediately as a tax levy and does not require an appropriation.