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AB-903 Income taxes: deductions: natural resources.(2013-2014)



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AB903:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2013–2014 REGULAR SESSION

Assembly Bill
No. 903


Introduced by Assembly Member Fong

February 22, 2013


An act to amend Section 17681 of the Revenue and Taxation Code, relating to taxation.


LEGISLATIVE COUNSEL'S DIGEST


AB 903, as introduced, Fong. Income taxes: deductions: natural resources.
The Personal Income Tax Law provides for various deductions in computing the income that is subject to the taxes imposed by that law, including, in modified conformity with federal tax law, a deduction related to natural resources.
This bill would make a technical, nonsubstantive change to that provision.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 17681 of the Revenue and Taxation Code is amended to read:

17681.
 Except as otherwise provided, Subchapter I of Chapter 1 of Subtitle A of the Internal Revenue Code, relating to natural resources, shall apply, except as otherwise provided.