California Revenue and Taxation Code

§ 24416.7

RTC § 24416.7 Effective Oct 9, 2001Div. 2 · Part 11 · Ch. 7 · Art. 2

Statute text

(a)The term “qualified taxpayer” as used in Section 24416.1 includes a corporation that conducts a farming business that is directly affected by Pierce’s disease and its vectors. For purposes of this subdivision, all of the following shall apply:

(1)A net operating loss shall not be a net operating loss carryback to any taxable year, and a net operating loss for any taxable year beginning on or after the date that the area in which the taxpayer conducts a farming business is affected by Pierce’s disease and its vectors shall be a net operating loss carryover to each of the nine taxable years following the taxable year of loss, until used.

(2)For purposes of this subdivision:

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Legislative history

Added by Stats. 2001, Ch. 623, Sec. 6. Effective October 9, 2001.