AB 612, as introduced, Patterson. Alternative minimum tax.
The Corporation Tax Law imposes an alternative minimum tax in substantial conformity to the alternative minimum tax imposed by the federal income tax laws, but provides an exception so that certain credits may reduce the regular tax, as defined, below the tentative minimum tax, as provided.
This bill would make nonsubstantive changes 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 23453 of the Revenue and Taxation Code
2 is amended to read:
(a) There shall be allowed as a credit against the regular
4begin delete tax (asend deletebegin insert tax, asend insert defined by subdivision (c) of Sectionbegin delete 23455),end deletebegin insert 23455,end insert
5 for any taxable year, an amount equal to the minimum tax credit
6for that taxable year.
7(b) For purposes of subdivision (a), the minimum tax credit
8shall be determined in accordance with Section 53 of the Internal
P2 1Revenue
Code,begin insert
relating to credit for the prior year minimum tax
2liability,end insert except as otherwise provided in this part.
3(c) For purposes of this chapter, the amount determined under
4Section 53(c)(1) of the Internal Revenue Code shall be the regular
5taxbegin insert,end insert as defined by subdivision (c) of Section 23455, reduced by
6the sum of the credits allowable under this part other than any
7credit which reduces the tax below the tentative minimum tax, as
8defined by Section 23455.
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