Imposition of Corporate Tax

Division 2, Part 11, Chapter 3, Article deals with the imposition of the California Corporation Income Tax.

Section 23501 provides that a tax of 9 percent is imposed upon every corporation, other than a bank, for each taxable year.

Section 23503 specifies that there is an offset against the tax imposed for any period the amount of any tax imposed on the taxpayer under Chapter 2 for the same period.

Section 23504 provides that, where a corporation formerly subject to tax under Chapter 2 becomes subject to tax under Chapter 3, the tax for the year in which the change occurs will be assessed under Chapter 2. For years subsequent to the year in which the change occurs, the tax will be assessed under Chapter 3.