CA AB2490

Exempts mutual fund investment management companies wholly owned by one or more regulated investment companies from California Corporation Tax, provided they provide management services "at cost"

Applies only to entities meeting the federal definition of regulated investment company under Section 851 of the Internal Revenue Code

Exemption does not apply to taxes specified in Article 2 (commencing with Section 23731) of the Revenue and Taxation Code

Authorizes the Franchise Tax Board to promulgate regulations necessary to implement this exemption

Repeals this exemption provision on January 1, 2022