CA SB972

Requires the Franchise Tax Board to compile an annual list of all taxpayers subject to corporation tax with gross receipts of $5 billion or more, based on returns filed in the previous calendar year.

List must include each taxpayer's name, tax liability, taxable year, total gross receipts, and amount and types of credits claimed for that taxable year.

For combined reporting groups, inclusion on the list is based on the combined group's gross receipts rather than individual taxpayer receipts.

Franchise Tax Board must provide the compiled information to the Assembly Committee on Revenue and Taxation and the Senate Committee on Governance and Finance by May 1, 2021, and annually thereafter by May 1.

Defines "tax liability" as taxes owed under corporate tax law excluding overpayments, estimated payments, and withholdings; defines "credits claimed" as the amount of credits applied on the return to offset tax liability.