California Food and Agricultural Code

§ 54042

FAC § 54042 Effective Sep 7, 1994Div. 20 · Ch. 1 · Art. 2

Statute text

(a)An association organized pursuant to this chapter may request the board of supervisors of the county in which the association’s principal place of business is located to issue a certificate stating that the association meets the requirements of subdivision (b). When the certificate is provided by the board of supervisors to the association, the Franchise Tax Board shall exempt the association from the minimum franchise tax as provided in paragraph (2) of subdivision (c) of Section 23153 of the Revenue and Taxation Code.

(b)The board of supervisors shall issue a certificate if all of the following conditions are met:

(1)The association is located in an economically distressed area.

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Legislative history

Added by Stats. 1994, Ch. 427, Sec. 1. Effective September 7, 1994.