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SB-1310 Corporate franchise taxes.(2019-2020)



Current Version: 02/21/20 - Introduced

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SB1310:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Senate Bill
No. 1310

Introduced by Senator Atkins

February 21, 2020

An act to amend Section 23102 of the Revenue and Taxation Code, relating to taxation.


LEGISLATIVE COUNSEL'S DIGEST


SB 1310, as introduced, Atkins. Corporate franchise taxes.
The Corporation Tax Law prescribes the conditions for when a taxpayer is doing business in this state for a taxable year. Under existing law, a corporation holding stock and bonds but engaging in no activities other than receiving dividends, as specified, is not doing business in the state for a taxable year.
This bill would make nonsubstantive changes 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 23102 of the Revenue and Taxation Code is amended to read:

23102.
 Any A corporation holding or organized to hold stock or bonds of any other corporation or corporations, and not trading in stock or bonds or other securities held, and engaging in no activities other than the receipt and disbursement of dividends from stock or interest from bonds, is not a corporation doing business in this State state for the purposes of this chapter.