California Revenue and Taxation Code

§ 24324

RTC § 24324 Effective Jan 1, 2001Div. 2 · Part 11 · Ch. 6 · Art. 3

Statute text

(a)Gross income does not include any contribution to the capital of the taxpayer.

(b)(1) For purposes of this section, “contribution to the capital of the taxpayer” includes any amount of money or other property received from any person (whether or not a shareholder) by a regulated public utility that provides electric energy, gas (through a local distribution system or transportation by pipeline), water, or sewerage disposal services if all of the following apply:

(A)The amount is contribution in aid of construction.

…

Legislative history

Amended by Stats. 2000, Ch. 862, Sec. 121. Effective January 1, 2001.