Today's Law As Amended


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AB-2490 Corporation Tax Law: exemption: regulated investment company.(2015-2016)



As Amends the Law Today


SECTION 1.

 Section 23714 is added to the Revenue and Taxation Code, to read:

23714.
 (a) Notwithstanding any other law, a mutual fund investment management company wholly owned by one or more regulated investment companies, as defined in Section 851 of the Internal Revenue Code, relating to definition of regulated investment company, and providing management services to the one or more regulated investment companies “at cost” is exempt from the taxes imposed by this part, except as provided in Article 2 (commencing with Section 23731).
(b) The Franchise Tax Board may promulgate regulations as necessary or appropriate to carry out the purposes of this section.
(c) This section shall be repealed on January 1, 2022.
SEC. 2.
 This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.