California Revenue and Taxation Code

§ 23811

RTC § 23811 Effective Jan 1, 2004Div. 2 · Part 11 · Ch. 4.5

Statute text

Except as otherwise provided in this section, there is hereby imposed a tax on passive investment income attributable to California sources, determined in accordance with the provisions of Section 1375 of the Internal Revenue Code, relating to tax imposed on passive investment income, as modified by this section.

(a)The tax imposed under this section may not be imposed on an “S corporation” that has no excess net passive income for federal income tax purposes determined in accordance with Section 1375 of the Internal Revenue Code.

(b)(1) The rate of tax shall be equal to the rate of tax imposed under Section 23151 in lieu of Section 11(b) of the Internal Revenue Code.

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Legislative history

Amended by Stats. 2003, Ch. 268, Sec. 13. Effective January 1, 2004.