California Revenue and Taxation Code

§ 19138

RTC § 19138 Effective Sep 30, 2015Div. 2 · Part 10.2 · Ch. 4 · Art. 7

Statute text

(a)(1) A taxpayer subject to the tax imposed under Part 11 (commencing with Section 23001) with an understatement of tax for any taxable year shall be subject to the penalty imposed under this section if that understatement exceeds the greater of the following:

(A)One million dollars ($1,000,000).

(B)Twenty percent of the tax shown on an original return or shown on an amended return filed on or before the original or extended due date of the return for the taxable year.

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Legislative history

Amended by Stats. 2015, Ch. 359, Sec. 20. (AB 154) Effective September 30, 2015. Applicable to taxable years beginning on or after January 1, 2015, as provided in Sec. 41 of Stats. 2015, Ch. 359.