California Revenue and Taxation Code

§ 19752

RTC § 19752 Effective Mar 24, 2011Div. 2 · Part 10.2 · Ch. 9.5 · Art. 1

Statute text

Any taxpayer who meets the requirements of Section 19754 may elect the application of either, but not both, of the following:

(a)Voluntary compliance without appeal. If this option is elected, then each of the following shall apply:

(1)The Franchise Tax Board shall waive or abate all penalties imposed by this part, for all taxable years where the taxpayer elects to participate in the initiative, as a result of the underreporting of tax liabilities attributable to the use of abusive tax avoidance transactions.

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Legislative history

Amended (as added by Stats. 2003, Ch. 656) by Stats. 2011, Ch. 14, Sec. 13. (SB 86) Effective March 24, 2011.