Laws, Regulations & Annotations

F

430.0000 FINANCIAL CORPORATIONS

See Mobilehome

430.0005 Personal Property Exemption. The personal property of financial corporations is exempt from property taxation by reason of State in-lieu taxation of these corporations. Corporations whose principal business is leasing tangible personal property are not financial corporations. LTA 10/10/1979 (No. 79/170).

430.0006 Personal Property Exemption. In the case of banks and financial corporations, all corporate net income is subject to special franchise tax rates, regardless of whether the income is derived from financial or nonfinancial activities. Thus, the decision in Massachusetts Mutual Life Insurance Company v. City and County of San Francisco, 129 Cal.App.3d 876, is not applicable, and personal property owned by a bank or financial corporation continues to be exempt from property taxation, regardless of the use of the property. LTA 7/27/1982 (No. 82/90).