Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2016
Property Tax Annotations
430.0000 FINANCIAL CORPORATIONS
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).