AB 525

This bill repeals various tax credits that taxpayers may no longer earn because of sunset provisions related to each of those credits, repeals various obsolete tax provisions, and updates other tax provisions to reflect those changes. Current law allows taxpayers to carry forward certain unused nonrefundable tax credits to future years. Under the bill, the repeal of any nonrefundable tax credits is delayed until the date that those credits may no longer be used. The bill repeals, among others, the following tax credits and other obsolete tax provisions:

1. The armed forces member credit.

2. The biodiesel fuel production credit.

3. The community development finance credit.

4. The dairy and livestock farm investment credit.

5. The development, development opportunity, development zone additional research, and enterprise development zones credits.

6. The electronic medical records credit.

7. The economic development tax credit.

8. The ethanol and biodiesel fuel pump credit.

9. The health insurance risk-sharing plan assessments credit.

10. The internet equipment credit.

11. The jobs tax credit and the corresponding appropriation.

12. The manufacturing investment credit.

13. The manufacturing sales tax credit.

14. The postsecondary education credit.

15. The research facilities credit.

16. The super research and development credit.

17. The technology zones credit.

18. The water consumption credit.

19. The veteran employment credit.

20. The credit for investment in certified capital companies.

21. Provisions related to computation of apportionment of business income for tax years prior to 2008.

22. Obsolete Internal Revenue Code definitions.

23. Income tax rates and brackets for tax years prior to 2025.

24. Income tax return donation checkoffs that are discontinued.

25. The alternative minimum tax.