California Revenue and Taxation Code

§ 17039.5

RTC § 17039.5 Effective Jun 29, 2024Div. 2 · Part 10 · Ch. 1

Statute text

(a)(1) For taxable years beginning on or after January 1, 2024, and before January 1, 2027, a taxpayer may make an election to receive an annual refundable credit amount of qualified credits for each taxable year to be allowed pursuant to paragraph (2).

(2)In each taxable year of the refundable period, the annual refundable credit amount shall be allowed as a credit against the “net tax” computed under this part for the taxable year, and the excess, if any, shall be credited against other amounts due, if any, and the balance, if any, shall be paid from the Tax Relief and Refund Account to the taxpayer.

(b)For purposes of this section, the following definitions shall apply:

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Legislative history

Added by Stats. 2024, Ch. 42, Sec. 8. (SB 175) Effective June 29, 2024. Repealed as of December 1, 2034, by its own provisions.