California Revenue and Taxation Code

§ 23183

RTC § 23183 Effective Jan 1, 2001Div. 2 · Part 11 · Ch. 2 · Art. 3

Statute text

(a)For taxable years beginning before January 1, 2000, an annual tax is hereby imposed upon every financial corporation doing business within the limits of this state and taxable under the provisions of Section 27 of Article XIII of the Constitution of this state, for the privilege of exercising its corporate franchises within this state, according to or measured by its net income, upon the basis of its net income for the next preceding income year at the rate provided under Section 23186.

(b)For purposes of this article, the term “financial corporation” does not include any corporation, including a wholly owned subsidiary of a bank or bank holding company, if the principal business activity of such entity consists of leasing tangible personal property.

(c)(1) For the first taxable year beginning on or after January 1, 2000, the tax imposed under this section shall be the sum of both of the following:

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Legislative history

Amended by Stats. 2000, Ch. 862, Sec. 52. Effective January 1, 2001.