BILL NUMBER: AB 754	INTRODUCED
	BILL TEXT


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  under 
pursuant to  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.