California Assembly Bill AB2564 Introduced / Bill

 BILL NUMBER: AB 2564INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Swanson FEBRUARY 19, 2010 An act to amend Section 25121 of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 2564, as introduced, Swanson. Corporation Tax Law: net income: allocation and apportionment. The Corporation Tax Law imposes taxes measured by income and, in the case of a business with income derived from or attributable to sources both within and without this state, requires the taxpayer to allocate and apportion its net income, as provided. This bill would make a technical, nonsubstantive change to this allocation and apportionment 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 25121 of the Revenue and Taxation Code is amended to read: 25121. Any taxpayer having income from business activity  which   that  is taxable both within and without this state shall allocate and apportion its net income as provided in this act.