California Revenue and Taxation Code

§ 23183.1

RTC § 23183.1 Effective Jan 1, 2001Div. 2 · Part 11 · Ch. 2 · Art. 3

Statute text

Notwithstanding Section 23183, every financial corporation doing business within the limits of this state and not exempted from taxation by the Constitution of this state or by this part, shall annually pay to the state for the privilege of exercising its corporate franchises within this state, a tax determined as follows:

(a)If a financial corporation commences to do business and ceases doing business in the same taxable year, the tax for that taxable year shall be according to or measured by its net income for that year, at the rate provided under Section 23186.

(b)(1) With respect to taxable years beginning before January 1, 2000, other than the year of commencement described in subdivision (a) or the year of cessation described in subdivision (c), a tax according to or measured by its net income, to be computed at the rate prescribed in Section 23186 upon the basis of its net income for the next preceding income year.

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Legislative history

Amended by Stats. 2000, Ch. 862, Sec. 53. Effective January 1, 2001.