Senator Cedillo has amended SB 767 to suspend a corporation’s use of Enterprise Zone tax credits if the corporation accepted government funds via the Troubled Assets Relief Program (TARP).  The text of the bill introduction is as follows:

“The Corporation Tax Law authorizes various credits and deductions in computing income subject to taxation.

This bill would suspend specified credits and deductions for a
taxpayer that is a participant, as specified, in the federal Troubled
Assets Relief Program, as provided.…This bill would take effect immediately as a tax levy.”

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