California Revenue and Taxation Code

§ 74.7

RTC § 74.7 Effective Jan 1, 2004Div. 1 · Part 0.5 · Ch. 3

Statute text

(a)For purposes of subparagraph (B) of paragraph (1) of subdivision (i) of Section 2 of Article XIIIA of the California Constitution, “new construction” does not include the repair or replacement of a substantially damaged or destroyed structure on qualified contaminated real property where the remediation of the environmental problems required the destruction of, or resulted in substantial damage to, a structure located on that property. The repaired or replacement structure shall be similar in size, utility, and function to the original structure.

(b)For purposes of this section:

(1)“Substantially damaged or destroyed” means the structure sustains physical damage amounting to more than 50 percent of its full cash value immediately prior to the damage.

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Legislative history

Added by Stats. 2003, Ch. 471, Sec. 4. Effective January 1, 2004.