California Statutes
§ 24422.3. — 24422.3. (Amended by Stats. 2019, Ch. 39, Sec. 27.)
California·Code RTC Revenue and Taxation Code - RTC·Div. 2. DIVISION 2. OTHER TAXES·Part 11. PART 11. CORPORATION TAX LAW·Ch. 7. CHAPTER 7. Net Income·Art. 3. ARTICLE 3. Items Not Deductible
(a)Section 263A of the Internal Revenue Code, relating to capitalization and inclusion in inventory costs of certain expenses, shall apply, except as otherwise provided.
(b)
(1)For taxable years beginning on or after January 1, 2019, the amendments made by Section 13102(b) of the Tax Cuts and Jobs Act (Public Law 115-97) to
Section 263A of the Internal Revenue Code, relating to capitalization and inclusion in inventory cost of certain expenses, shall apply, except as otherwise provided.
(2)
(A)Any change in method of accounting made pursuant to this subdivision shall be treated for purposes of applying Section 24721, as initiated by the taxpayer and made with the consent of the Franchise Tax Board.
(B)Section 13102(e)(1) of the Tax Cuts and Jobs Act (Public Law 115-97) does not a
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California § 24422.3. (24422.3. (Amended by Stats. 2019, Ch. 39, Sec. 27.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 2019, Ch. 39, Sec. 27. (AB 91) Effective July 1, 2019.