For the 1973 calendar year and each calendar year thereafter, on the privilege of breeding, training, caring for or racing a racehorse in this state, there is hereby imposed an annual tax on owners of racehorses for such racehorses domiciled in this state, which shall be in lieu of any property tax on racehorses subject to taxation pursuant to this part.
Cal. Rev. & Tax. Code § 5721
Imposition of Tax
Applied in 1 court decision — leading case Pesola v. City of Los Angeles (1975)
Most recently applied in Pesola v. City of Los Angeles (December 1975)
Amended by Stats. 1972, Ch. 665.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.