State Codes and Statutes

Statutes > California > Rtc > 24320-24329

REVENUE AND TAXATION CODE
SECTION 24320-24329



24320.  Income derived from the operation of aircraft or a ship or
ships by a corporation organized under the laws of a foreign country
shall not be included in gross income, and shall be exempt from the
taxes imposed by this part if:
   (a) The aircraft are registered or the ships are documented under
the laws of the foreign country;
   (b) The income of the corporation is exempt from national income
taxes by reason of a treaty or agreement between such foreign country
and the United States which provides for an equivalent exemption to
corporations organized in the United States; and
   (c) Units of government (other than at the national level) within
such foreign country do not impose a tax upon corporations organized
in the United States with respect to income derived from the
operation of aircraft registered or ships documented under the laws
of the United States.



24321.  Notwithstanding any statute, ordinance, regulation, rule or
decision to the contrary, no city, county, city and county,
governmental subdivision, district, public and quasi-public
corporation, municipal corporation, whether incorporated or not or
whether chartered or not, shall levy or collect or cause to be levied
or collected any tax upon income which is excludable from gross
income and exempt from state taxes pursuant to Section 24320.
   This section shall not be construed to authorize any such entity
to levy a tax on, according to, or measured by, income or profits
paid or accrued.



24322.  (a) Gross income of a domestic building and loan
association, as defined in Section 7701(a)(19) of the Internal
Revenue Code, does not include any amount of money or other property
received from the Federal Savings and Loan Insurance Corporation
pursuant to Section 406(f) of the National Housing Act (12 U.S.C.
Section 1729(f)), regardless of whether any note or other instrument
is issued in exchange therefor.
   (b) No reduction in the basis of assets of a domestic building and
loan association shall be made on account of money or other property
received under the circumstances referred to in subdivision (a).
   (c) Section 24425 shall not deny any deductions by reason of the
deductions being allocable to amounts excluded from gross income
under this section.
   (d) This section shall not apply with respect to any amounts
excludable under subdivision (a) received after December 31, 1988, in
taxable years ending after that date, unless the payments are made
by the Federal Savings and Loan Insurance Corporation pursuant to an
acquisition or merger which occurred on or before December 31, 1988.



24323.  Any amount received as a rebate from a local water agency or
supplier for any expenses the taxpayer paid or incurred for the
purchase or installation of each water conservation water closet that
meets the performance standards of the American National Standards
Institute Standard A112.19.2 and uses no more than 1.6 gallons per
flush, shall be treated as a refund or price adjustment of amounts
payable to that water agency or supplier.



24324.  (a) Gross income does not include any contribution to the
capital of the taxpayer.
   (b) (1) For purposes of this section, "contribution to the capital
of the taxpayer" includes any amount of money or other property
received from any person (whether or not a shareholder) by a
regulated public utility that provides electric energy, gas (through
a local distribution system or transportation by pipeline), water, or
sewerage disposal services if all of the following apply:
   (A) The amount is contribution in aid of construction.
   (B) Where the contribution is in property that is other than
electric energy, gas steam, water, or sewerage disposal facilities,
the amount meets the requirements of the expenditure rule of
paragraph (2).
   (C) The amounts (or any property acquired or constructed with
those amounts) are not included in the taxpayer's rate base for
ratemaking purposes.
   (2) An amount meets the requirements of this paragraph if all of
the following apply:
   (A) An amount equal to that amount is expended for the acquisition
or construction of tangible property described in Section 1231(b) of
the Internal Revenue Code and both of the following apply:
   (i) The expenditure was the purpose motivating the contribution.
   (ii) The property is used predominantly in the trade or business
of furnishing electric energy, gas, steam, water, or sewerage
disposal services.
   (B) The expenditure referred to in subparagraph (A) occurs before
the end of the second taxable year after the taxable year in which
that amount was received.
   (C) Accurate records are kept of the amount contributed and
expenditures made on the basis of the project for which the
contribution was made and on the basis of the year of contribution or
expenditure.
   (3) For purposes of this section:
   (A) "Contribution in aid of construction" does not include amounts
paid as customer connection fees (including amounts paid to connect
the customer's line to an electric line, a gas main, a steam line, or
a main water or sewer line) and amounts paid as service charges for
starting or stopping services.
   (B) "Contribution in aid of construction" includes amounts
received by a regulated public utility from a contributor to recover
the federal tax imposed upon contributions in aid of construction,
provided that the method used to recover the tax is authorized by
Public Utilities Commission Decision 87-09-026.
   (C) "Predominantly" means 80 percent or more.
   (D) "Regulated public utility" means a regulated public utility as
defined by Section 7701(a)(33) of the Internal Revenue Code, except
that it does not include any utility which is not required to provide
electric energy, gas, water, or sewerage disposal services to
members of the general public (including, in the case of a gas
transmission utility, the provision of gas services by sale for
resale to the general public) in its service area.
   (4) Notwithstanding any other provision of this part, no deduction
or credit shall be allowed for, or by reason of, the expenditure
which constitutes a contribution in aid of construction to which this
section applies. The adjusted basis of any property acquired with
contributions in aid of construction to which this section applies
shall be zero.
   (c) This section shall apply to contributions in aid of
construction made on or after January 1, 1977, and before January 1,
1992.


24325.  Section 118 of the Internal Revenue Code, relating to
contributions to the capital of a corporation, shall apply to
contributions made on or after January 1, 1992.



24326.  (a) Section 136 of the Internal Revenue Code, relating to
energy conservation subsidies provided by public utilities, shall
apply, except as otherwise provided.
   (b) Section 136 of the Internal Revenue Code, relating to energy
conservation subsidies provided by public utilities, shall apply to
amounts received on or after January 1, 1997.



24327.  Section 892 of the Internal Revenue Code, relating to the
tax treatment of foreign governments and international organizations,
shall apply.


24329.  Section 139 of the Internal Revenue Code, relating to
disaster relief payments, shall apply, except as otherwise provided.


State Codes and Statutes

Statutes > California > Rtc > 24320-24329

REVENUE AND TAXATION CODE
SECTION 24320-24329



24320.  Income derived from the operation of aircraft or a ship or
ships by a corporation organized under the laws of a foreign country
shall not be included in gross income, and shall be exempt from the
taxes imposed by this part if:
   (a) The aircraft are registered or the ships are documented under
the laws of the foreign country;
   (b) The income of the corporation is exempt from national income
taxes by reason of a treaty or agreement between such foreign country
and the United States which provides for an equivalent exemption to
corporations organized in the United States; and
   (c) Units of government (other than at the national level) within
such foreign country do not impose a tax upon corporations organized
in the United States with respect to income derived from the
operation of aircraft registered or ships documented under the laws
of the United States.



24321.  Notwithstanding any statute, ordinance, regulation, rule or
decision to the contrary, no city, county, city and county,
governmental subdivision, district, public and quasi-public
corporation, municipal corporation, whether incorporated or not or
whether chartered or not, shall levy or collect or cause to be levied
or collected any tax upon income which is excludable from gross
income and exempt from state taxes pursuant to Section 24320.
   This section shall not be construed to authorize any such entity
to levy a tax on, according to, or measured by, income or profits
paid or accrued.



24322.  (a) Gross income of a domestic building and loan
association, as defined in Section 7701(a)(19) of the Internal
Revenue Code, does not include any amount of money or other property
received from the Federal Savings and Loan Insurance Corporation
pursuant to Section 406(f) of the National Housing Act (12 U.S.C.
Section 1729(f)), regardless of whether any note or other instrument
is issued in exchange therefor.
   (b) No reduction in the basis of assets of a domestic building and
loan association shall be made on account of money or other property
received under the circumstances referred to in subdivision (a).
   (c) Section 24425 shall not deny any deductions by reason of the
deductions being allocable to amounts excluded from gross income
under this section.
   (d) This section shall not apply with respect to any amounts
excludable under subdivision (a) received after December 31, 1988, in
taxable years ending after that date, unless the payments are made
by the Federal Savings and Loan Insurance Corporation pursuant to an
acquisition or merger which occurred on or before December 31, 1988.



24323.  Any amount received as a rebate from a local water agency or
supplier for any expenses the taxpayer paid or incurred for the
purchase or installation of each water conservation water closet that
meets the performance standards of the American National Standards
Institute Standard A112.19.2 and uses no more than 1.6 gallons per
flush, shall be treated as a refund or price adjustment of amounts
payable to that water agency or supplier.



24324.  (a) Gross income does not include any contribution to the
capital of the taxpayer.
   (b) (1) For purposes of this section, "contribution to the capital
of the taxpayer" includes any amount of money or other property
received from any person (whether or not a shareholder) by a
regulated public utility that provides electric energy, gas (through
a local distribution system or transportation by pipeline), water, or
sewerage disposal services if all of the following apply:
   (A) The amount is contribution in aid of construction.
   (B) Where the contribution is in property that is other than
electric energy, gas steam, water, or sewerage disposal facilities,
the amount meets the requirements of the expenditure rule of
paragraph (2).
   (C) The amounts (or any property acquired or constructed with
those amounts) are not included in the taxpayer's rate base for
ratemaking purposes.
   (2) An amount meets the requirements of this paragraph if all of
the following apply:
   (A) An amount equal to that amount is expended for the acquisition
or construction of tangible property described in Section 1231(b) of
the Internal Revenue Code and both of the following apply:
   (i) The expenditure was the purpose motivating the contribution.
   (ii) The property is used predominantly in the trade or business
of furnishing electric energy, gas, steam, water, or sewerage
disposal services.
   (B) The expenditure referred to in subparagraph (A) occurs before
the end of the second taxable year after the taxable year in which
that amount was received.
   (C) Accurate records are kept of the amount contributed and
expenditures made on the basis of the project for which the
contribution was made and on the basis of the year of contribution or
expenditure.
   (3) For purposes of this section:
   (A) "Contribution in aid of construction" does not include amounts
paid as customer connection fees (including amounts paid to connect
the customer's line to an electric line, a gas main, a steam line, or
a main water or sewer line) and amounts paid as service charges for
starting or stopping services.
   (B) "Contribution in aid of construction" includes amounts
received by a regulated public utility from a contributor to recover
the federal tax imposed upon contributions in aid of construction,
provided that the method used to recover the tax is authorized by
Public Utilities Commission Decision 87-09-026.
   (C) "Predominantly" means 80 percent or more.
   (D) "Regulated public utility" means a regulated public utility as
defined by Section 7701(a)(33) of the Internal Revenue Code, except
that it does not include any utility which is not required to provide
electric energy, gas, water, or sewerage disposal services to
members of the general public (including, in the case of a gas
transmission utility, the provision of gas services by sale for
resale to the general public) in its service area.
   (4) Notwithstanding any other provision of this part, no deduction
or credit shall be allowed for, or by reason of, the expenditure
which constitutes a contribution in aid of construction to which this
section applies. The adjusted basis of any property acquired with
contributions in aid of construction to which this section applies
shall be zero.
   (c) This section shall apply to contributions in aid of
construction made on or after January 1, 1977, and before January 1,
1992.


24325.  Section 118 of the Internal Revenue Code, relating to
contributions to the capital of a corporation, shall apply to
contributions made on or after January 1, 1992.



24326.  (a) Section 136 of the Internal Revenue Code, relating to
energy conservation subsidies provided by public utilities, shall
apply, except as otherwise provided.
   (b) Section 136 of the Internal Revenue Code, relating to energy
conservation subsidies provided by public utilities, shall apply to
amounts received on or after January 1, 1997.



24327.  Section 892 of the Internal Revenue Code, relating to the
tax treatment of foreign governments and international organizations,
shall apply.


24329.  Section 139 of the Internal Revenue Code, relating to
disaster relief payments, shall apply, except as otherwise provided.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Rtc > 24320-24329

REVENUE AND TAXATION CODE
SECTION 24320-24329



24320.  Income derived from the operation of aircraft or a ship or
ships by a corporation organized under the laws of a foreign country
shall not be included in gross income, and shall be exempt from the
taxes imposed by this part if:
   (a) The aircraft are registered or the ships are documented under
the laws of the foreign country;
   (b) The income of the corporation is exempt from national income
taxes by reason of a treaty or agreement between such foreign country
and the United States which provides for an equivalent exemption to
corporations organized in the United States; and
   (c) Units of government (other than at the national level) within
such foreign country do not impose a tax upon corporations organized
in the United States with respect to income derived from the
operation of aircraft registered or ships documented under the laws
of the United States.



24321.  Notwithstanding any statute, ordinance, regulation, rule or
decision to the contrary, no city, county, city and county,
governmental subdivision, district, public and quasi-public
corporation, municipal corporation, whether incorporated or not or
whether chartered or not, shall levy or collect or cause to be levied
or collected any tax upon income which is excludable from gross
income and exempt from state taxes pursuant to Section 24320.
   This section shall not be construed to authorize any such entity
to levy a tax on, according to, or measured by, income or profits
paid or accrued.



24322.  (a) Gross income of a domestic building and loan
association, as defined in Section 7701(a)(19) of the Internal
Revenue Code, does not include any amount of money or other property
received from the Federal Savings and Loan Insurance Corporation
pursuant to Section 406(f) of the National Housing Act (12 U.S.C.
Section 1729(f)), regardless of whether any note or other instrument
is issued in exchange therefor.
   (b) No reduction in the basis of assets of a domestic building and
loan association shall be made on account of money or other property
received under the circumstances referred to in subdivision (a).
   (c) Section 24425 shall not deny any deductions by reason of the
deductions being allocable to amounts excluded from gross income
under this section.
   (d) This section shall not apply with respect to any amounts
excludable under subdivision (a) received after December 31, 1988, in
taxable years ending after that date, unless the payments are made
by the Federal Savings and Loan Insurance Corporation pursuant to an
acquisition or merger which occurred on or before December 31, 1988.



24323.  Any amount received as a rebate from a local water agency or
supplier for any expenses the taxpayer paid or incurred for the
purchase or installation of each water conservation water closet that
meets the performance standards of the American National Standards
Institute Standard A112.19.2 and uses no more than 1.6 gallons per
flush, shall be treated as a refund or price adjustment of amounts
payable to that water agency or supplier.



24324.  (a) Gross income does not include any contribution to the
capital of the taxpayer.
   (b) (1) For purposes of this section, "contribution to the capital
of the taxpayer" includes any amount of money or other property
received from any person (whether or not a shareholder) by a
regulated public utility that provides electric energy, gas (through
a local distribution system or transportation by pipeline), water, or
sewerage disposal services if all of the following apply:
   (A) The amount is contribution in aid of construction.
   (B) Where the contribution is in property that is other than
electric energy, gas steam, water, or sewerage disposal facilities,
the amount meets the requirements of the expenditure rule of
paragraph (2).
   (C) The amounts (or any property acquired or constructed with
those amounts) are not included in the taxpayer's rate base for
ratemaking purposes.
   (2) An amount meets the requirements of this paragraph if all of
the following apply:
   (A) An amount equal to that amount is expended for the acquisition
or construction of tangible property described in Section 1231(b) of
the Internal Revenue Code and both of the following apply:
   (i) The expenditure was the purpose motivating the contribution.
   (ii) The property is used predominantly in the trade or business
of furnishing electric energy, gas, steam, water, or sewerage
disposal services.
   (B) The expenditure referred to in subparagraph (A) occurs before
the end of the second taxable year after the taxable year in which
that amount was received.
   (C) Accurate records are kept of the amount contributed and
expenditures made on the basis of the project for which the
contribution was made and on the basis of the year of contribution or
expenditure.
   (3) For purposes of this section:
   (A) "Contribution in aid of construction" does not include amounts
paid as customer connection fees (including amounts paid to connect
the customer's line to an electric line, a gas main, a steam line, or
a main water or sewer line) and amounts paid as service charges for
starting or stopping services.
   (B) "Contribution in aid of construction" includes amounts
received by a regulated public utility from a contributor to recover
the federal tax imposed upon contributions in aid of construction,
provided that the method used to recover the tax is authorized by
Public Utilities Commission Decision 87-09-026.
   (C) "Predominantly" means 80 percent or more.
   (D) "Regulated public utility" means a regulated public utility as
defined by Section 7701(a)(33) of the Internal Revenue Code, except
that it does not include any utility which is not required to provide
electric energy, gas, water, or sewerage disposal services to
members of the general public (including, in the case of a gas
transmission utility, the provision of gas services by sale for
resale to the general public) in its service area.
   (4) Notwithstanding any other provision of this part, no deduction
or credit shall be allowed for, or by reason of, the expenditure
which constitutes a contribution in aid of construction to which this
section applies. The adjusted basis of any property acquired with
contributions in aid of construction to which this section applies
shall be zero.
   (c) This section shall apply to contributions in aid of
construction made on or after January 1, 1977, and before January 1,
1992.


24325.  Section 118 of the Internal Revenue Code, relating to
contributions to the capital of a corporation, shall apply to
contributions made on or after January 1, 1992.



24326.  (a) Section 136 of the Internal Revenue Code, relating to
energy conservation subsidies provided by public utilities, shall
apply, except as otherwise provided.
   (b) Section 136 of the Internal Revenue Code, relating to energy
conservation subsidies provided by public utilities, shall apply to
amounts received on or after January 1, 1997.



24327.  Section 892 of the Internal Revenue Code, relating to the
tax treatment of foreign governments and international organizations,
shall apply.


24329.  Section 139 of the Internal Revenue Code, relating to
disaster relief payments, shall apply, except as otherwise provided.