CA SB1293

Allows a $10,000 tax credit against personal income tax and corporate tax for cannabis equity applicants and licensees eligible for the Department of Cannabis Control's fee waiver and deferral program for taxable years 2022-2026.

Excess credits that exceed tax liability may be carried forward for up to seven years until fully used.

Department of Cannabis Control must provide the Franchise Tax Board with an annual list of eligible equity applicants and licensees starting January 1, 2023, to administer the credit.

Franchise Tax Board must report to the Legislature by March 1, 2025, and annually thereafter on the number and dollar amount of credits claimed to measure effectiveness.

Credit expires December 1, 2027, and takes effect immediately as a tax levy.