California Revenue and Taxation Code

§ 23663

RTC § 23663 Effective Jan 1, 2012Div. 2 · Part 11 · Ch. 3.5

Statute text

(a)(1) Notwithstanding any other law to the contrary, for each taxable year beginning on or after July 1, 2008, any credit allowed to a taxpayer under this chapter that is an eligible credit may be assigned by that taxpayer to any eligible assignee.

(2)A credit assigned under paragraph (1) may only be applied by the eligible assignee against the “tax” (as defined in Section 23036) of the eligible assignee in a taxable year beginning on or after January 1, 2010.

(3)Except as specifically provided in this section, following an assignment of any eligible credit under this section, the eligible assignee shall be treated as if it originally earned the assigned credit.

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Legislative history

Amended by Stats. 2011, Ch. 296, Sec. 282. (AB 1023) Effective January 1, 2012.