California Revenue and Taxation Code

§ 24422.3

RTC § 24422.3 Effective Jul 1, 2019Div. 2 · Part 11 · Ch. 7 · Art. 3

Statute text

(a)Section 263A of the Internal Revenue Code, relating to capitalization and inclusion in inventory costs of certain expenses, shall apply, except as otherwise provided.

(b)(1) For taxable years beginning on or after January 1, 2019, the amendments made by Section 13102(b) of the Tax Cuts and Jobs Act (Public Law 115-97) to Section 263A of the Internal Revenue Code, relating to capitalization and inclusion in inventory cost of certain expenses, shall apply, except as otherwise provided.

(2)(A) Any change in method of accounting made pursuant to this subdivision shall be treated for purposes of applying Section 24721, as initiated by the taxpayer and made with the consent of the Franchise Tax Board.

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Legislative history

Amended by Stats. 2019, Ch. 39, Sec. 27. (AB 91) Effective July 1, 2019.