CA AB2493

Increases the personal income tax research credit from 15% to 20% of qualified research expenses for taxable years beginning January 1, 2020 and thereafter.

Increases the corporation tax research credit from 15% to 20% of qualified research expenses for taxable years beginning January 1, 2020 and thereafter.

Increases the corporation tax credit for basic research payments from 24% to 30% for taxable years beginning January 1, 2020 and thereafter.

Requires the Franchise Tax Board to prepare a written report tracking the number of taxpayers claiming the credit, average credit amounts, and new claimants for submission to specified legislative committees.

Takes effect immediately as a tax levy.