Bill Text: CA AB407 | 2015-2016 | Regular Session | Introduced

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Bill Title: Corporate income tax.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2016-02-01 - Died at Desk. [AB407 Detail]

Download: California-2015-AB407-Introduced.html

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BILL NUMBER: AB 407	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Brough

                        FEBRUARY 19, 2015

   An act to amend Section 23701i of the Revenue and Taxation Code,
relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 407, as introduced, Brough. Corporate income tax.
   The Corporate Income Tax Law, in conformity with federal income
tax laws, exempts voluntary employees' beneficiary associations from
state income taxes imposed by that law.
   This bill would make a nonsubstantive change to this provision.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 23701i of the Revenue and Taxation Code is
amended to read:
   23701i.  (a) A voluntary employees' beneficiary association
described in Section 501(c)(9) of the Internal Revenue Code, as
amended by Section 1004(d)(4) of the Health Care and Education
Reconciliation Act of 2010 (Public Law 111-152).
   (b) The amendments made to this section by  the act adding
this subdivision   Section 3 of Chapter 17 of the
Statutes of 2011  shall apply in the same manner and to the same
periods as the federal amendments referred to in subdivision (a)
apply for federal purposes.