Bill Text - AB-2797 Corporation Tax Law: minimum tax credit. - California Legislative Information

CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION

An act to amend Section 23453 of the Revenue and Taxation Code, relating to taxation.

LEGISLATIVE COUNSEL'S DIGEST

Existing law, the Corporation Tax Law, allows various credits against the tax imposed by that law, including a credit in an amount equal to the minimum tax credit, as defined.

This bill would make nonsubstantive changes to that provision.

Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO

The people of the State of California do enact as follows:

23453.

(a) There shall be allowed as a credit against the regular tax (as tax, as defined by subdivision (c) of Section 23455), for any 23455, for each taxable year, an amount equal to the minimum tax credit for that taxable year.

(b) For purposes of subdivision (a), the minimum tax credit shall be determined in accordance with Section 53 of the Internal Revenue Code, except as otherwise provided in this part.

(c) For purposes of this chapter, the amount determined under Section 53(c)(1) of the Internal Revenue Code shall be the regular tax tax, as defined by subdivision (c) of Section 23455, reduced by the sum of the credits allowable under this part other than any credit which reduces the tax below the tentative minimum tax, as defined by described in Section 23455.

source: https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202120220AB2797

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