California Revenue and Taxation Code

§ 23664

RTC § 23664 Effective Jun 30, 2022Div. 2 · Part 11 · Ch. 3.5

Statute text

(a)(1) For each taxable year beginning on or after January 1, 2023, and before January 1, 2028, there shall be allowed a credit against the “tax,” as defined in Section 23036, to a qualified taxpayer equal to 25 percent of the total amount of the qualified taxpayer’s qualified expenditures in the taxable year, subject to paragraph (2).

(2)(A) The credit allowable under this section in any taxable year to any qualified taxpayer shall be limited to a maximum of two hundred fifty thousand dollars ($250,000).

(B)For qualified taxpayers that are required to be included in a combined report under Section 25101 or authorized to be included in a combined report under Section 25101.15, the limit specified in subparagraph (A) shall be the aggregate amount of the credit claimed by all taxpayers that are required to be or authorized to be included in a combined report and in no instance shall the aggregate amount of credit claimed by a combined group exceed the limit specified in subparagraph (A).

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Legislative history

Added by Stats. 2022, Ch. 56, Sec. 16. (AB 195) Effective June 30, 2022. Repealed as of December 1, 2028, by its own provisions.