California Revenue and Taxation Code

§ 19141.5

RTC § 19141.5 Effective Oct 1, 2025Div. 2 · Part 10.2 · Ch. 4 · Art. 7

Statute text

(a)(1) Section 6038A of the Internal Revenue Code, relating to information with respect to certain foreign-owned corporations, shall apply.

(2)A penalty shall be imposed under this part for failure to furnish information or maintain records and that penalty shall be determined in accordance with Section 6038A of the Internal Revenue Code, except as otherwise provided.

(3)The penalty amounts in Section 6038A(d) of the Internal Revenue Code, relating to penalty for failure to furnish information or maintain records, are modified by substituting “$10,000” in lieu of “$25,000.”

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Legislative history

Amended by Stats. 2025, Ch. 231, Sec. 68. (SB 711) Effective October 1, 2025. Applicable to taxable years beginning on or after January 1, 2016, as provided in subdivision (g).