For the 1980–81 fiscal year and fiscal years thereafter, business inventories are exempt from taxation and the assessor shall not assess business inventories.
Cal. Rev. & Tax. Code § 219
Taxable and Exempt Property
Repealed and added by Stats. 1980, Ch. 411, Sec. 8
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.