Senate Bill No. 624

Introduced by Senator Steinberg

February 22, 2013

An act to amend Section 17020.3 of the Revenue and Taxation Code, relating to taxation.

LEGISLATIVE COUNSEL’S DIGEST

SB 624, as introduced, Steinberg. Personal income tax.

The Personal Income Tax Law conforms, with modification, to the federal definition of exchanged basis property.

This bill would make a technical, nonsubstantive change to that 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 17020.3 of the Revenue and Taxation
Code is amended to read:

17020.3.  

For purposes of this part, the term “exchanged basis
property” has the same meaning given begin insert to end insert that term by Section
7701(a)(44) of the Internal Revenue Code, except that reference
to Subtitle A shall instead be a reference to this part.