California Revenue and Taxation Code

§ 12209

RTC § 12209 Effective Feb 9, 2022Div. 2 · Part 7 · Ch. 3 · Art. 1

Statute text

(a)Notwithstanding Sections 12207 and 12208 to the contrary, for the years 2020 and 2021, the total amount of all credits otherwise allowable under Sections 12207 and 12208, including any credit amount allowed to be carried over pursuant to those sections or subdivision (c), shall not reduce the “tax,” as described by Section 12201, by more than five million dollars ($5,000,000) for a given year.

(b)(1) The amount of any credit otherwise allowable for a year under Section 12207 that is not allowed due to the application of this section shall remain a credit carryover amount under Section 12207.

(2)The carryover period for any credit allowable under Section 12207 that is not allowed due to the application of this section shall be increased by the number of years the credit or any portion thereof was not allowed.

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Legislative history

Amended by Stats. 2022, Ch. 3, Sec. 5. (SB 113) Effective February 9, 2022.