BILL NUMBER: SB 888	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Yee

                        JANUARY 20, 2010

   An act to amend Section 23501 of the Revenue and Taxation Code,
relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 888, as introduced, Yee. Corporation income tax.
   The Corporation Tax Law imposes a corporation income tax at a rate
of 8.84% upon a corporation's net income, as specified.
   This bill would make a technical, nonsubstantive change to those
provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 23501 of the Revenue and Taxation Code is
amended to read:
   23501.  (a) There shall be imposed upon  every 
 each  corporation, other than a bank, for each taxable
year, a tax at the rate of 7.6 percent upon its net income derived
from sources within this state on or after January 1, 1937, other
than income for any period for which the corporation is subject to
taxation under Chapter 2 (commencing with Section 23101), according
to or measured by its net income.
   (b) For calendar or fiscal years ending after June 30, 1973, the
rate of tax shall be 9 percent instead of 7.6 percent as provided by
subdivision (a).
   (c) For calendar or fiscal years ending after December 31, 1979,
the rate of tax shall be the rate specified for those years by
Section 23151.