Corporations Could Face New Tax Disclosure Rules in California

Corporations with gross receipts of $5 billion a year or more would have to disclose the amount of California tax credits claimed and tax paid under a Senate-passed bill.

The legislation (S.B. 972) by Sen. Nancy Skinner (D) would require the Franchise Tax Board to publish the information on its website by May 1 each year, starting in 2021. Lawmakers passed the measure Monday on a vote of 25-12. It now moves to the Assembly for consideration.

• California would join several other states including Florida, Indiana, Maryland, and Washington that require disclosure of state tax ...