California Senate Bill SB1059 Introduced / Bill

 BILL NUMBER: SB 1059INTRODUCED BILL TEXT INTRODUCED BY Senator Huff FEBRUARY 13, 2012 An act to amend Section 23501 of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST SB 1059, as introduced, Huff. Corporation income tax. The Corporation Tax Law imposes a tax upon every corporation at a specified rate upon its net income derived from sources within this state, except as otherwise provided. This bill would make a technical, 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 23501 of the Revenue and Taxation Code is amended to read: 23501. (a) There shall be imposed upon every corporation, other than a bank, for each taxable year, a tax at the rate of 7.6 percent upon its net income derived from sources within this state on or after January 1, 1937, other than income for any period for which the corporation is subject to taxation  under  pursuant to  Chapter 2 (commencing with Section 23101), according to or measured by its net income. (b) For calendar or fiscal years ending after June 30, 1973, the rate of tax shall be 9 percent instead of 7.6 percent as provided by subdivision (a). (c) For calendar or fiscal years ending after December 31, 1979, the rate of tax shall be the rate specified for those years by Section 23151.