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Enron Mail |
The following author's amendments are expected in committee on Monday
afternoon (actual Leg Counsel language is supposed to come back Monday morning): 1.? The tax will be on excess gross receipts from electrical energy distribution. 2. The tax will be imposed on the person making the first sale of electrical power in or into CA for consumer consumption. 3. The tax will be based upon the amount by which the gross receipts from the sale exceed the amount that would have been received if the sale had been made at a specified "base price" (to be determined by the PUC). 4.? There will be a rebuttable presumption that the base price represents afair sales price. 5.? There will be a withholding mechnism of this excess tax from the purchasers, other than purchasers who are residential consumers or small business users. 6.? It will require sellers to file annual tax returns to report the tax on excess gross receipts and pay any remaining taxes due. 7.? It will allow sellers to file a claim for refund in an attempt to rebut the presumption that the base price was a fair sales price. 8.? Provide certain nexus standards to California to provide the basis to impose tax liability. 9. Include a 5-year sunset date. No opposition has been received by the Rev & Tax Cmte as of Wednesday of this week.? Therefore, no opposition (or support) will be listed in the committee's analysis. Chris Micheli, Esq. Carpenter Snodgrass & Associates 1201 K Street, Suite 710 Sacramento, CA? 95814 (916) 447-2251 FAX: (916) 445-5624 EMAIL: cmicheli@carpentersnodgrass.com
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