California Assembly Bill AB2472 Introduced / Bill

 BILL NUMBER: AB 2472INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Linder FEBRUARY 19, 2016 An act to amend Section 23400 of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 2472, as introduced, Linder. Corporation Tax Law: alternative minimum tax. Existing law, the Corporation Tax Law, in modified conformity with federal law, makes a corporation subject to the alternative minimum tax under specified circumtances. Existing law provides that a corporation electing to be treated as an "S corporation" is not subject to the alternative minimum tax. This bill would make a 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 23400 of the Revenue and Taxation Code is amended to read: 23400. (a) Part VI of Subchapter A of Chapter 1 of Subtitle A of the Internal Revenue Code, relating to alternative minimum tax, shall apply, except as otherwise provided. (b) A corporation  electing   that elects  under Chapter 4.5 (commencing with Section 23800) to be treated as an "S corporation" shall not be subject to the tax imposed by this chapter.