SB 1395 will require the Franchise Tax Board to publish the recipient of a state funded tax credit’s name, address, and the exact amount of the credits. The intent of this bill is to ensure fairness and transparency within the California budget. The credits will be published online and in a searchable format with sections for each tax credit. California taxpayers will then know exactly how their funds are spent.
Several credits have been subjected to criticism such as the Film and Tax credit who in addition to being widely regarding as a neutral measure at best has come under fire as the recent sexual harassment scandals have been revealed. It has brought into question California’s integrity and had many wondering if we were subsidizing predators. Additionally other tax credits like the California Competes tax credit and the Electric Vehicle credit have been accused of picking winners and losers in the economy. This bill will keep the tax credit process more transparent by allowing people to know exactly where their money is going and to whom it is going to.