California Revenue and Taxation Code

§ 69.4

RTC § 69.4 Effective Oct 4, 2023Div. 1 · Part 0.5 · Ch. 2

Statute text

(a)(1) Notwithstanding any other provision of law, pursuant to the authority of subdivision (i) of Section 2 of Article XIIIA of the California Constitution, the base year value of qualified contaminated property may be transferred, subject to the conditions and limitations of that subdivision and this section, to a comparable replacement property of equal or lesser value that is located in the same county and is acquired or newly constructed as a replacement for the contaminated property, pursuant to subparagraph (A) of paragraph (1) of that subdivision.

(2)The limitation in paragraph (1) requiring that the qualified contaminated property and the replacement property be located in the same county does not apply in a county in which the county board of supervisors adopts a resolution making the provisions of this section applicable to replacement properties acquired to replace qualified contaminated properties located in another county within this state. The resolution shall specify the date on and after which its provisions are applicable. The specified date may be a date earlier than the date on which the county adopts the ordinance, but no earlier than November 3, 1998.

(b)The replacement property shall be acquired or newly constructed within five years after the original property is sold or otherwise transferred.

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Legislative history

Amended by Stats. 2023, Ch. 312, Sec. 3. (SB 890) Effective October 4, 2023.