California Public Utilities Code 3440 – (a) Golden State Energy shall be exempt from franchise and …
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(a) Golden State Energy shall be exempt from franchise and corporate income tax pursuant to § 23701 of the Revenue and Taxation Code. Indebtedness issued by Golden State Energy and any transfer thereof shall be exempt from income taxation of every kind by the state.
(b) Property used exclusively by Golden State Energy in carrying out its purposes in Section 3402 shall not be exempt from taxation under subdivision (b) of Section 4 of, and Section 5 of, Article XIII of the California Constitution and § 214 of the Revenue and Taxation Code.
Terms Used In California Public Utilities Code 3440
- State: means the State of California, unless applied to the different parts of the United States. See California Public Utilities Code 17
- Subdivision: means a subdivision of the section in which that term occurs unless some other section is expressly mentioned. See California Public Utilities Code 10
(Added by Stats. 2020, Ch. 27, Sec. 12. (SB 350) Effective January 1, 2021.)