Section 24831 - Applicability of IRC relating to natural resources(a) Subchapter I of Chapter 1 of Subtitle A of the Internal Revenue Code, relating to natural resources, shall apply, except as otherwise provided.(b) For taxable years beginning on or after January 1, 2024, Section 613(b)(2)(B) of the Internal Revenue Code, in the case of oil shale, shall not apply.(c) For taxable years beginning on or after January 1, 2024, Section 613(b)(4) of the Internal Revenue Code, relating to 10 percent, in the case of coal, shall not apply.(d) For taxable years beginning on or after January 1, 2024, Section 613A of the Internal Revenue Code, relating to limitations on percentage depletion in the case of oil and gas wells, shall not apply.Ca. Rev. and Tax. Code § 24831
Amended by Stats 2024 ch 34 (SB 167),s 38, eff. 6/27/2024.Amended by Stats. 1993, Ch. 873, Sec. 42. Effective October 6, 1993.