California Revenue and Taxation Code

§ 24411

RTC § 24411 Effective Jan 1, 1998Div. 2 · Part 11 · Ch. 7 · Art. 2

Statute text

(a)For purposes of those taxpayers electing to compute income under Section 25110, 100 percent of the qualifying dividends described in subdivision (c) and 75 percent of other qualifying dividends to the extent not otherwise allowed as a deduction or eliminated from income. “Qualifying dividends” means those received by the water’s-edge group from corporations if both of the following conditions are satisfied:

(1)The average of the property, payroll, and sales factors within the United States for the corporation is less than 20 percent.

(2)More than 50 percent of the total combined voting power of all classes of stock entitled to vote is owned directly or indirectly by the water’s-edge group.

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Legislative history

Amended by Stats. 1997, Ch. 605, Sec. 94. Effective January 1, 1998.