BILL NUMBER: AB 2472	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Linder

                        FEBRUARY 19, 2016

   An act to amend Section 23400 of the Revenue and Taxation Code,
relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2472, as introduced, Linder. Corporation Tax Law: alternative
minimum tax.
   Existing law, the Corporation Tax Law, in modified conformity with
federal law, makes a corporation subject to the alternative minimum
tax under specified circumtances. Existing law provides that a
corporation electing to be treated as an "S corporation" is not
subject to the alternative minimum tax.
   This bill would make a 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 23400 of the Revenue and Taxation Code is
amended to read:
   23400.  (a) Part VI of Subchapter A of Chapter 1 of Subtitle A of
the Internal Revenue Code, relating to alternative minimum tax, shall
apply, except as otherwise provided.
   (b) A corporation  electing   that elects
 under Chapter 4.5 (commencing with Section 23800) to be treated
as an "S corporation" shall not be subject to the tax imposed by
this chapter.