California Assembly Bill AB229 Introduced / Bill

 BILL NUMBER: AB 229INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Charles Calderon FEBRUARY 5, 2009 An act to amend Section 23051.7 of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 229, as introduced, Charles Calderon. Income and corporation taxes: tax computation. Existing income tax laws provide that specified amendments to those laws do not affect the tax treatment of a carryover of a credit, excess contribution loss, or basis computation to which a taxpayer was entitled prior to the amendments. This bill would make technical, nonsubstantive changes to these provisions. 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 23051.7 of the Revenue and Taxation Code is amended to read: 23051.7. (a) The enactment of the act adding this section to the code shall not deprive  any   a  taxpayer of  any   a  carryover of a credit, excess contribution, or loss to which that taxpayer was entitled under this part, including all amendments enacted prior to January 1, 1987. (b) The carryover of the credit, excess contribution, or loss shall be allowed to be carried forward under the act adding this section to the code for the same period of time as the taxpayer would have been entitled to carry that item forward under prior law. (c) For purposes of applying the provisions of the act adding this section to the code, the basis or recomputed basis of  any   an  asset acquired prior to January 1, 1987, shall be determined under the law at the time the asset was acquired and  any  adjustments to basis shall be computed as follows: (1) Any adjustments to basis for income years beginning prior to January 1, 1987, shall be computed under applicable provisions of this part, including all amendments enacted prior to January 1, 1987  ; and   .  (2) Any adjustments to basis for taxable years beginning on or after January 1, 1987, shall be computed under the applicable provisions of the act adding this section to the code. (d) For income years beginning on or after January 1, 1987, and before January 1, 1988, references in this part to "alternative minimum tax" shall be deemed to be references to the "tax on preference income."