SB 51 Summary

• Allows qualified taxpayers with California Competes tax credits exceeding their tax liability to elect refunds from the Tax Relief and Refund Account for taxable years beginning January 1, 2021 or later, capped at total state taxes paid that year.

• Defines "qualified taxpayer" as one that created at least 5,000 prevailing wage, full-time or full-time equivalent jobs in California annually for 10 consecutive years.

• Requires qualified taxpayers receiving refunds to reinvest funds into immobile capital equipment supporting media production facility infrastructure improvements, expansions, or developments in California, using project labor agreements and skilled workforces.

• Authorizes the Franchise Tax Board to prescribe regulations to prevent improper claims and implement refund procedures without complying with standard regulatory requirements.

• Makes an appropriation from the continuously appropriated Tax Relief and Refund Account to pay refunds to eligible taxpayers.