Bill Text: CA AB2581 | 2017-2018 | Regular Session | Introduced
Bill Title: Corporation income taxes.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-02-16 - From printer. May be heard in committee March 18. [AB2581 Detail]
Download: California-2017-AB2581-Introduced.html
CALIFORNIA LEGISLATURE—
2017–2018 REGULAR SESSION
| Assembly Bill | No. 2581 |
| Introduced by Assembly Member Ting |
February 15, 2018 |
An act to amend Section 23501 of the Revenue and Taxation Code, relating to taxation.
LEGISLATIVE COUNSEL'S DIGEST
AB 2581, as introduced, Ting.
Corporation income taxes.
The Corporation Tax Law imposes an income tax upon every corporation not subject to the corporate franchise tax at a specified rate upon its net income derived from sources within this state, except as otherwise provided.
This bill would make a nonsubstantive change to this provision.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 23501 of the Revenue and Taxation Code is amended to read:23501.
(a) There shall be imposed upon every corporation, other than a bank, for each taxable year, a tax at the rate of 7.6 percent upon its net income derived from sources within this state on or after January 1, 1937, other than income for any period for which the corporation is subject to taxation(b) For calendar or fiscal years ending after June 30, 1973, the rate of tax shall be 9 percent instead of 7.6 percent as provided by
subdivision (a).
(c) For calendar or fiscal years ending after December 31, 1979, the rate of tax shall be the rate specified for those years by Section 23151.
