California Revenue and Taxation Code

§ 17279.4

RTC § 17279.4 Effective Oct 7, 2005Div. 2 · Part 10 · Ch. 3 · Art. 6

Statute text

Section 198 of the Internal Revenue Code, relating to expensing of environmental remediation costs, is modified as follows:

(a)For expenditures paid or incurred before January 1, 2004, all of the following shall apply:

(1)If a taxpayer has, at any time, made an election for federal purposes under Section 198(a) of the Internal Revenue Code to have Section 198 of the Internal Revenue Code apply to a qualified environmental remediation expenditure, Section 198 of the Internal Revenue Code shall apply to that qualified environmental remediation expenditure for state purposes, a separate election for state purposes shall not be allowed under paragraph (3) of subdivision (e) of Section 17024.5, and the federal election shall be binding for purposes of this part.

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Legislative history

Amended by Stats. 2005, Ch. 691, Sec. 33. Effective October 7, 2005.