CA AB2758

Allows individuals to irrevocably elect to report qualified use tax on their income tax return instead of to the State Board of Equalization.

Defines qualified use tax as nonbusiness purchases of items under $1,000 using a state-calculated table, or purchases of $1,000+ items and business property at actual use tax amounts.

Requires that for taxable years beginning January 1, 2015 and later, tax payments and credits be applied first to the qualified use tax liability reported on the return, rather than to income tax first.

Excludes vehicles, vessels, aircraft, mobilehomes, commercial coaches, leased property, and cigarettes/tobacco products from qualified use tax treatment.

Directs the Franchise Tax Board to revise income tax forms and instructions to allow qualified use tax reporting, with State Board of Equalization approval required within 10 working days.