California Revenue and Taxation Code

§ 24673.2

RTC § 24673.2 Effective Oct 1, 2025Div. 2 · Part 11 · Ch. 13 · Art. 3

Statute text

(a)Section 460 of the Internal Revenue Code, relating to special rules for long-term contracts, shall apply, except as otherwise provided.

(b)(1) Section 804(d) of Public Law 99-514, relating to the effective date of modifications in the method of accounting for long-term contracts, shall apply to taxable years beginning on or after January 1, 1987.

(2)In the case of a contract entered into after February 28, 1986, during a taxable year beginning before January 1, 1987, an adjustment to income shall be made upon completion of the contract, if necessary, to correct any underreporting or overreporting of income, for purposes of this part, resulting from differences between state and federal law for the taxable year in which the contract began.

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Legislative history

Amended by Stats. 2025, Ch. 231, Sec. 114. (SB 711) Effective October 1, 2025.