SB 434, as introduced, Hill. Personal income taxes.
The Personal Income Tax Law imposes taxes on income and provides definitions of specified terms for purposes of that law, including a definition for “taxable year.”
This bill would make a technical, nonsubstantive change to those 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 17010 of the Revenue and Taxation Code
2 is amended to read:
“Taxable year” meansbegin insert eitherend insert the calendar year or the
4fiscal year upon the basis of which the taxable income is computed
5under this part. If no fiscal year has been established, “taxable
6year” means the calendar year.
7“Taxable year” means, in the case of a return made for a
8fractional part of a year under this part or under regulations
9prescribed by the Franchise Tax Board, the period for which the
10return is made.
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