California Revenue and Taxation Code

§ 19147

RTC § 19147 Effective Mar 29, 2001Div. 2 · Part 10.2 · Ch. 4 · Art. 7

Statute text

(a)Notwithstanding Sections 19142 to 19145, inclusive, the addition to the tax with respect to any underpayment of any installment shall not be imposed if the total amount of all payments of estimated tax paid on or before the last date prescribed for the payment of the installment equals or exceeds the amount which would have been required to be paid on or before that date if the estimated tax were whichever of the following is the lesser:

(1)(A) The tax shown on the return of the taxpayer for the preceding taxable year if a return showing a liability for tax was filed by the taxpayer for the preceding year and that preceding year was a year of 12 months. The tax shown on the return, in the case of the tax imposed by Article 3 (commencing with Section 23181) of Chapter 2 of Part 11, means the amount of tax shown on the return for the taxable year as prescribed in Section 19021.

(B)In the case of a large corporation, subparagraph (A) shall not apply, except as provided in clauses (i) and (ii).

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Legislative history

Amended by Stats. 2001, Ch. 4, Sec. 1. Effective March 29, 2001.