California Revenue and Taxation Code

§ 19762

RTC § 19762 Effective Mar 24, 2011Div. 2 · Part 10.2 · Ch. 9.5 · Art. 3

Statute text

(a)Any taxpayer who meets the requirements of Section 19764 may elect to participate in the voluntary compliance initiative under this article.

(b)For taxpayers electing to participate in the voluntary compliance initiative under this article, all of the following shall apply:

(1)(A) Except as provided in subparagraph (B), 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 unreported tax liabilities attributable to the use of abusive tax avoidance transactions and to unreported income from the use of offshore financial arrangements.

…

Legislative history

Added by Stats. 2011, Ch. 14, Sec. 21. (SB 86) Effective March 24, 2011.