BILL NUMBER: AB 229	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Charles Calderon

                        FEBRUARY 5, 2009

   An act to amend Section 23051.7 of the Revenue and Taxation Code,
relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 229, as introduced, Charles Calderon. Income and corporation
taxes: tax computation.
   Existing income tax laws provide that specified amendments to
those laws do not affect the tax treatment of a carryover of a
credit, excess contribution loss, or basis computation to which a
taxpayer was entitled prior to the amendments.
   This bill would make technical, nonsubstantive changes to these
provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 23051.7 of the Revenue and Taxation Code is
amended to read:
   23051.7.  (a) The enactment of the act adding this section to the
code shall not deprive  any   a  taxpayer
of  any   a  carryover of a credit, excess
contribution, or loss to which that taxpayer was entitled under this
part, including all amendments enacted prior to January 1, 1987.
   (b) The carryover of the credit, excess contribution, or loss
shall be allowed to be carried forward under the act adding this
section to the code for the same period of time as the taxpayer would
have been entitled to carry that item forward under prior law.
   (c) For purposes of applying the provisions of the act adding this
section to the code, the basis or recomputed basis of  any
  an  asset acquired prior to January 1, 1987,
shall be determined under the law at the time the asset was acquired
and  any  adjustments to basis shall be computed as
follows:
   (1) Any adjustments to basis for income years beginning prior to
January 1, 1987, shall be computed under applicable provisions of
this part, including all amendments enacted prior to January 1, 1987
 ; and   . 
   (2) Any adjustments to basis for taxable years beginning on or
after January 1, 1987, shall be computed under the applicable
provisions of the act adding this section to the code.
   (d) For income years beginning on or after January 1, 1987, and
before January 1, 1988, references in this part to "alternative
minimum tax" shall be deemed to be references to the "tax on
preference income."