SECTIONS 23501-23504 - California Statutes

REVENUE AND TAXATION CODE

SECTION 23501-23504

23501. (a) There shall be imposed upon every corporation, other
than a bank, for each taxable year, a tax at the rate of 7.6 percent
upon its net income derived from sources within this state on or
after January 1, 1937, other than income for any period for which the
corporation is subject to taxation under Chapter 2 (commencing with
Section 23101), according to or measured by its net income.
(b) For calendar or fiscal years ending after June 30, 1973, the
rate of tax shall be 9 percent instead of 7.6 percent as provided by
subdivision (a).
(c) For calendar or fiscal years ending after December 31, 1979,
the rate of tax shall be the rate specified for those years by
Section 23151.

23503. There shall be offset against the tax hereby imposed for any
period the amount of any tax imposed on the taxpayer under Chapter 2
for the same period. In the event that taxes, interest and penalties
have been or shall be assessed against, paid by or collected from a
taxpayer under this chapter, which assessment, payment or collection
should have been made under Chapter 2, such taxes, interest and
penalties shall be considered as having been assessed, paid or
collected under Chapter 2 as of the date or dates they were made.

23504. Where a corporation formerly subject to tax under Chapter 2
(commencing with Section 23101) becomes subject to tax under Chapter
3 (commencing with Section 23501), the tax for the year in which the
change occurs will be assessed under Chapter 2 (commencing with
Section 23101) and not under Chapter 3 (commencing with Section
23501). For years subsequent to the year in which the change occurs,
the tax will be assessed under Chapter 3 (commencing with Section
23501).