California Revenue and Taxation Code

§ 24410

RTC § 24410 Effective Sep 29, 2004Div. 2 · Part 11 · Ch. 7 · Art. 2

Statute text

(a)For taxable years commencing on or after January 1, 2004, the allowable dividends received deduction with respect to qualified dividends received by a corporation during the taxable year from a corporation that is an insurer within the meaning of Section 28 of Article XIII of the California Constitution, whether or not the insurer is engaged in business in California, if at the time of each dividend payment at least 80 percent of each class of the stock of the insurer was owned, directly or indirectly, by the corporation receiving the dividend shall equal the percentage specified in paragraph (1) of the amount of the qualified dividends received.

(1)For purposes of this subdivision, the percentage is equal to:

(A)Eighty percent for taxable years beginning on or after January 1, 2004, and before January 1, 2008.

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Legislative history

Repealed and added by Stats. 2004, Ch. 868, Sec. 2. Effective September 29, 2004.