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California Law (Last Updated: March 4, 2014) |
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Government Code - GOV |
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Title 1. GENERAL |
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Division 7. MISCELLANEOUS |
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Chapter 12.8. Enterprise Zone Act |
Section 7089.
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For purposes of the Revenue and Taxation Code, each of the following shall apply:
(a) Enterprise zones designated pursuant to former Chapter 12.8 (commencing with Section 7070), as that chapter read prior to January 1, 1997, shall be deemed to remain in existence for taxable or income years beginning on or after January 1, 1996, and before January 1, 1997.
(b) Program areas designated pursuant to former Chapter 12.9 (commencing with Section 7080), as that chapter read prior to January 1, 1997, shall be deemed to remain in existence for taxable or income years beginning on or after January 1, 1996, and before January 1, 1997.
(c) For taxable or income years beginning on or after January 1, 1996, and before January 1, 1997, a taxpayer conducting business activities located in an enterprise zone designated pursuant to this chapter shall be treated as conducting business activities in an enterprise zone designated pursuant to former Chapter 12.8 (commencing with Section 7070), as that chapter read prior to January 1, 1997, or a program area designated pursuant to former Chapter 12.9 (commencing with Section 7080), as that chapter read prior to January 1, 1997.
(d) For taxable or income years beginning on or after January 1, 1997, the carryover of any unused credits or deductions attributable to a taxpayer's business activities in an enterprise zone designated pursuant to former Chapter 12.8 (commencing with Section 7070), as that chapter read prior to January 1, 1997, or a program area designated pursuant to former Chapter 12.9 (commencing with Section 7080), as that chapter read prior to January 1, 1997, from taxable or income years beginning prior to January 1, 1997, shall be allowed, but shall be treated as if earned by a taxpayer or entity engaged in a trade or business within an enterprise zone designated pursuant to this chapter. The amount of carryovers of unused enterprise zone or program area credits shall not be recomputed under the enterprise zone tax provisions that become effective for taxable or income years beginning on or after January 1, 1997.