California Revenue and Taxation Code

§ 24701

RTC § 24701 Effective Jul 1, 2019Div. 2 · Part 11 · Ch. 13 · Art. 5

Statute text

(a)Section 471 of the Internal Revenue Code, relating to the general rule for inventories, shall apply, except as otherwise provided.

(b)(1) For taxable years beginning on or after January 1, 2019, amendments made by Section 13102(c) of the Tax Cuts and Jobs Act (Public Law 115-97) to Section 471 of the Internal Revenue Code, relating to the general rule for inventories, 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. 33. (AB 91) Effective July 1, 2019.