CA SB603

Removes the January 1, 2021 deadline for state licensing authorities to develop and implement a program providing fee deferrals or waivers for needs-based cannabis applicants and licensees, but maintains the requirement that such programs operate only upon legislative appropriation.

Requires that at least 60 percent of deferred fees and at least 60 percent of waived fees be allocated to local equity applicants and licensees.

Establishes a cannabis equity business tax credit for tax years 2021-2025 allowing local equity applicants and licensees to claim a credit against personal income tax and corporation tax equal to state and local cannabis licensing fees not otherwise reimbursed by grants.

Allows excess tax credits to be carried forward for up to seven years until exhausted.

Declares the bill furthers the purposes of the Control, Regulate and Tax Adult Use of Marijuana Act and expresses legislative intent to comply with tax expenditure reporting requirements.