California Revenue and Taxation Code

§ 23701

RTC § 23701 Effective Jan 1, 2021Div. 2 · Part 11 · Ch. 4 · Art. 1

Statute text

(a)Organizations which are organized and operated for nonprofit purposes within the provisions of a specific section of this article, or are defined in Section 23701h (relating to certain title-holding companies) or Section 23701x (relating to certain title-holding companies), are exempt from taxes imposed under this part, except as provided in this article or in Article 2 (commencing with Section 23731) of this chapter if both of the following occur:

(1)An application for exemption is submitted in the form prescribed by the Franchise Tax Board.

(2)The Franchise Tax Board issues a determination exempting the organization from tax.

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Legislative history

Amended by Stats. 2020, Ch. 59, Sec. 2. (SB 934) Effective January 1, 2021.