California Legislature—2013–14 Regular Session

Assembly Bill No. 754

Introduced by Assembly Member Muratsuchi

February 21, 2013

An act to amend Section 23501 of the Revenue and Taxation Code, relating to taxation.

LEGISLATIVE COUNSEL’S DIGEST

AB 754, as introduced, Muratsuchi. Corporation income taxes.

The Corporation Tax Law imposes a tax upon every corporation at a specified rate upon its net income derived from sources within this state, except as otherwise provided.

This bill would make a technical, nonsubstantive change to this provision.

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 23501 of the Revenue and Taxation Code
is amended to read:

23501.  

(a) There shall be imposed upon every corporation,
other than a bank, for each taxable year, a tax at the rate of 7.6
percent upon its net income derived from sources within this state
on or after January 1, 1937, other than income for any period for
which the corporation is subject to taxation begin delete under end delete begin insert pursuant to end insert
Chapter 2 (commencing with Section 23101), according to or
measured by its net income.

(b) For calendar or fiscal years ending after June 30, 1973, the
rate of tax shall be 9 percent instead of 7.6 percent as provided by
subdivision (a).

(c) For calendar or fiscal years ending after December 31, 1979,
the rate of tax shall be the rate specified for those years by Section
23151.