California Revenue and Taxation Code

§ 24422

RTC § 24422 Effective Jan 1, 2012Div. 2 · Part 11 · Ch. 7 · Art. 3

Statute text

No deduction shall be allowed for both of the following:

(a)Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate. This subdivision shall not apply to:

(1)Expenditures for the development of mines or deposits deductible under Section 616 of the Internal Revenue Code.

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Legislative history

Amended by Stats. 2011, Ch. 296, Sec. 285. (AB 1023) Effective January 1, 2012.