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CALIFORNIA FRANCHISE TAX BOARD
Legislation puts `tax year' in place of `income year'
Change implemented to simplify tax law
Assembly Bill 1843, sponsored by the Franchise Tax Board, replaces
the references to income year with taxable year in all provisions of the Bank
and Corporation Law (B&CTL), the Administration of the Franchise
and Income Tax Law (AFITL), and the Personal Income Tax Law (PITL).
This bill is operative for all years beginning on or after January 1, 2001.
All affected forms and instructions were revised to replace the term income
year with taxable year.
As a result of this statutory change, the franchise tax is computed based on the net income of the taxable year instead of on the net income of the preceding income year, which no longer exists.
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And on the Web at www.ca.gov:
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FLEX YOUR POWER
Dear Readers: The energy challenge facing California is
real and it could not have come at a worse time -- the filing season!
Governor Gray Davis' office has asked us to help by getting the word out to all our customers about the importance of conserving energy. The following article contains some simple things that you can do right now to reduce demand and cut your own energy costs.
California continues to experience electrical shortages and rolling blackouts throughout the state.
To reduce the risk, the most important thing we can do in the short term is reduce our demand for electricity and use energy more efficiently.
The Governor and leaders of the California Legislature are working with utility companies, generators, and consumer groups to fashion long-term solutions for reliable and affordable electricity.
The state has already implemented a plan to reduce consumption by a minimum of eight percent across the board.
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