BILL NUMBER: AB 612	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Patterson

                        FEBRUARY 24, 2015

   An act to amend Section 23453 of the Revenue and Taxation Code,
relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   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 1.  Section 23453 of the Revenue and Taxation Code is
amended to read:
   23453.  (a) There shall be allowed as a credit against the regular
 tax (as   tax, as  defined by subdivision
(c) of Section  23455),   23455,  for any
taxable year, an amount equal to the minimum tax credit for that
taxable year.
   (b) For purposes of subdivision (a), the minimum tax credit shall
be determined in accordance with Section 53 of the Internal Revenue
Code,  relating to credit for the prior year minimum tax
liability,  except as otherwise provided in this part.
   (c) For purposes of this chapter, the amount determined under
Section 53(c)(1) of the Internal Revenue Code shall be the regular
tax  ,  as defined by subdivision (c) of Section 23455,
reduced by the sum of the credits allowable under this part other
than any credit which reduces the tax below the tentative minimum
tax, as defined by Section 23455.