California Revenue and Taxation Code 23706 – Any exemption from the bank and corporation franchise tax under …
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Any exemption from the bank and corporation franchise tax under Chapter 2 (commencing with Section 23101) or the corporation income tax under Chapter 3 (commencing with Section 23501), granted by any California statute on or after January 1, 1985, for an organization which is an instrumentality of this state, shall be provided for in this part of the code.
(Added by Stats. 1985, Ch. 1461, Sec. 87. Effective October 1, 1985.)
Terms Used In California Revenue and Taxation Code 23706
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Statute: A law passed by a legislature.