Bill Text: CA SB668 | 2017-2018 | Regular Session | Amended
Bill Title: Commercial feed: violations: administrative penalty.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2018-09-22 - Chaptered by Secretary of State. Chapter 683, Statutes of 2018. [SB668 Detail]
Download: California-2017-SB668-Amended.html
Amended
IN
Senate
April 20, 2017 |
Senate Bill | No. 668 |
Introduced by Senator McGuire |
February 17, 2017 |
LEGISLATIVE COUNSEL'S DIGEST
The Corporation Tax Law imposes taxes upon, or measured by, income. Existing law requires the taxpayer’s income to be computed under a method of accounting on the basis of which the taxpayer regularly computes its income in keeping its books, and authorizes the taxpayer to use specified accounting methods.
This bill would make nonsubstantive changes to those provisions.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 15620 of the Government Code is amended to read:15620.
By order entered upon its minutes and for good cause shown, the board may extend for not exceeding(a)Income shall be computed under the method of accounting on the basis of which the taxpayer regularly computes its income in keeping its books.
(b)If no method of accounting has been regularly used by the taxpayer, or if the method used does not clearly reflect income, the computation of income shall be made under such method as, in the opinion of the Franchise Tax Board, does clearly reflect income.
(c)Subject to subdivisions (a) and (b) and Section 24654, a taxpayer may compute income under any of the following methods of
accounting:
(1)The cash receipts and disbursements method.
(2)An accrual method.
(3)Any other method permitted by this part.
(4)Any combination of the foregoing methods permitted under regulations prescribed by the Franchise Tax Board.
(d)A taxpayer engaged in more than one trade or business may,
in computing income, use a different method of accounting for each trade or business.
(e)Except as otherwise expressly provided in this part, a taxpayer that changes the method of accounting on the basis of which it regularly computes its income in keeping its books shall, before computing its income under the new method, secure the consent of the Franchise Tax Board.
(f)If the taxpayer does not file with the Franchise Tax Board a request to change the method of accounting, the absence of the consent of the Franchise Tax Board to a change in the method of accounting shall not be taken into account for either of the following:
(1)To prevent the imposition of any penalty, or the addition of any amount to tax, under this part.
(2)To diminish the amount of that penalty or addition to tax.