Store Research

Senate Bill 506 (Petris 1969)

Chapter 603, Statutes of 1969, SB 506

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Several Revenue and Taxation Code sections, relating to the Bank and Corporation Tax Law, were affected with the passage of Senate Bill 506 of 1969.  (See Exhibits #1a through #1c)  Senate member Nicholas Petris introduced the measure, sponsored by the Franchise Tax Board, on March 6, 1969.  (See Exhibits #1a and #3a, page 1)


Senate Bill 506 was assigned to the Senate Committee on Revenue and Taxation and the Assembly Committee on Revenue and Taxation where policy issues raised by the bill were considered.  (See Exhibit #2)  One amendment was made to Senate Bill 506.  (See Exhibits #1b and #2)  Subsequent to legislative approval, Governor Ronald Reagan signed Senate Bill 506 on July 21, 1969, and it was recorded by the Secretary of State on July 28, 1969 as Chapter 603 of the Statutes of 1969.  (See Exhibits #1c and #2)


The Summary Digest of Statutes Enacted provided the following synopsis of the measure:


Changes 5 percent penalty period for late filing under Bank and Corporation Tax Law from 30 days to a month.  Extends the statute of limitations for filing refund claims where a taxpayer is required to report a change or correction by the Internal Revenue Service.  Extends the antidisclosure provisions of the Bank and Corporation Tax Law to all state employees.  Makes related clarifying and technical changes. 

Expands authority of Attorney General to inspect bank and corporation tax returns and reports, and revises restriction of use of information in such returns and reports.

In effect immediately.

(See Exhibit #7, page 86)