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2001-02 FIRST EXTRAORDINARY SESSION
AMENDENTS TO SENATE BILL NO.1
AS AMENDED IN SENATE MARCH 1, 2001
Amendment 1
In line 1 of the heading, strike out "Senator Soto" and insert: 
Senators Soto and Scott 
Amendment 2
In line 1 of the title, strike out "and repeal Section 6367.5 of" and insert: 

Section 17052.75 to, an to add Chapter 2.7 (commencing with Section 23471) to Part 11 of 
Division 2 of, 
Amendment 3
On page 2, strike out line 1 and insert: 
SECTION 1. (a) It is the intent of the Legislature to provide some relief to California’s consumers of electrical power who have been subjected to unprecedented increases in the rates 
charged by providers of electrical services. In order to achieve this intent, this bill would impose the Electricity Generation Excess Profits Tax on California taxpayers engaged in the business of generating electrical power and would return the proceeds of this tax to California’s taxpayers in the form of the California Electricity Consumers Credit. 

(b) It is the intent of the Legislature that taxpayers engaged in the business of generating electrical power not increase their rates for the provision of electrical services or pass on, in any other manner, any increased costs of doing business attributable to the imposition of the Electricity Generation Excess Profits Tax. It is also the intent of the Legislature that the Public Utilities Commission monitor taxpayers engaged in the business of generating electrical power to ensure that any rate increases in the provision of electrical services are not done for the purpose of offsetting ~ the Electricity Generation Windfall Profits Tax. 
SEC. 2. Sect on 17052.75 is added to the Revenue and Taxation Code, to read: 
17052.75. (a) For each taxable year beginning on or after January 1, 2001, there shall be allowed, against the "net 

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tax," as defined in Section 17039, a California Electricity Consumers Credit in an amount as determined by the Franchise Tax Board under subdivision (b). 
(b) The allowable credit for each taxable year shall be determined in a manner that distributes, in equal amounts among 
those individuals required to file an income tax return under this part, a sum that is equal to the total amount due and payable for the same taxable year under the Electricity Generation Excess Profits Tax imposed under Chapter 2.7 (commencing with Section 23471) of Part 11. 
(c) In the case where the credit allowed by this section exceeds the "net tax," the excess shall be credited against other amounts due, if any, from the taxpayer. The balance, if any, shall be refunded to the taxpayer upon appropriation by the Legislature of the amount necessary to pay that refund. 
SEC. 3. Chapter 2.7 (commencing with Section 23471) is added to Part 11 of Division 2 of the Revenue and Taxation Code, to read: 

CHAPTER 2.7. ELECTRICITY GENERATION EXCESS PROFITS TAX 

23471. (a) There is hereby imposed for any taxable year beginning on or after January 1, 2001, in addition to the tax imposed pursuant to Chapter 2 (commencing with Section 23101), an Electricity Generation Excess Profits Tax measured by the net income of a taxpayer that is 
engaged in the business of generating electrical power. 
(b) The tax imposed pursuant to this chapter shall be imposed at a rate equal to 	 percent of the amount of the net income reported for the taxable year that exceeds 		percent of the net income reported for he 1999 taxable year. 
(c) The Franchise Tax Board shall publicly announce the rate of the tax imposed under this section no later than 	 . 
23472. The tax imposed pursuant to Section 23471 shall be imposed and collected in the same manner as the taxes imposed pursuant to Chapter 2 (commencing with Section 23101). 
SEC. 4. This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect. 
SEC. 5. This bill shall not become operative unless SB 17 of the 2001-02 First Extraordinary Session becomes operative. 
Amendment 4
On page 2, strike out lines 2 to 22, inclusive
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