California Revenue and Taxation Code

§ 17507

RTC § 17507 Effective Oct 3, 1997Div. 2 · Part 10 · Ch. 5

Statute text

The provisions of Section 408 of the Internal Revenue Code, relating to individual retirement accounts, shall be modified as follows:

(a)The following provisions shall be incorporated into Section 408(e) of the Internal Revenue Code:

(1)In the case of a plan in existence in taxable year 1975 where contributions were made pursuant to, and in conformance with, Section 408 or 409 of the Internal Revenue Code of 1954, as amended by the Employee Retirement Income Security Act of 1974 (Public Law 93-406), any net income attributable to the 1975 contribution shall not be includable in the gross income, for taxable year 1977 or succeeding taxable years, of the individual for whose benefit the plan was established until distributed pursuant to the provisions of the plan or by operation of law.

…

Legislative history

Amended by Stats. 1997, Ch. 611, Sec. 39. Effective October 3, 1997.