(a) There shall be allowed as a credit against the net tax (as defined by Section 17039) for any taxable year an amount equal to the minimum tax credit for that taxable year.
(b) For purposes of subdivision (a), the minimum tax credit shall be determined in accordance with Section 53 of the Internal Revenue Code, except as otherwise provided in this part.
(c) For purposes of this chapter, the amount determined under Section 53(c)(1) of the Internal Revenue Code shall be the regular tax as defined by paragraph (2) of subdivision (b) of Section 17062, reduced by the sum of the credits allowable under this part, other than:
(1) The credits described in paragraph (7) of subdivision (a) of Section 17039.
(2) A credit that reduces the tax below the tentative minimum tax, as defined by Section 17062.
(d) Section 53(e) of the Internal Revenue Code, relating to the special rule for individuals with long-term unused credits, does not apply.
(Amended by Stats. 2018, Ch. 92, Sec. 192. (SB 1289) Effective January 1, 2019.)
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