California Revenue and Taxation Code

§ 23455

RTC § 23455 Effective Oct 1, 2025Div. 2 · Part 11 · Ch. 2.5

Statute text

For purposes of this part, Section 55 of the Internal Revenue Code is modified as follows:

(a)Section 55(b)(1) of the Internal Revenue Code, relating to the amount of tentative minimum tax, is modified by requiring the tentative minimum tax for the taxable year to be imposed as follows:

(1)With respect to corporations subject to tax under Chapter 2 (commencing with Section 23101), other than banks or financial corporations, according to or measured by net income, for the privilege of doing business within this state, at a rate of 7 percent upon the basis of so much of the alternative minimum taxable income for the taxable year as exceeds the exemption amount.

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Legislative history

Amended by Stats. 2025, Ch. 231, Sec. 78. (SB 711) Effective October 1, 2025.