BILL NUMBER: SB 624INTRODUCED BILL TEXT INTRODUCED BY Senator Steinberg FEBRUARY 22, 2013 An act to amend Section 17020.3 of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST SB 624, as introduced, Steinberg. Personal income tax. The Personal Income Tax Law conforms, with modification, to the federal definition of exchanged basis property. This bill would make a technical, nonsubstantive change to that 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 17020.3 of the Revenue and Taxation Code is amended to read: 17020.3. For purposes of this part, the term "exchanged basis property" has the same meaning given to that term by Section 7701(a)(44) of the Internal Revenue Code, except that reference to Subtitle A shall instead be a reference to this part.