In this work CASPT2 calculations of polyacenes (from naphthalene to heptacene) were performed to find a methodology suitable for calculations of the absorption spectra, in particular of the L (B state) and L (B state) bands, of more extended systems. The effect of the extension of the active space and of freezing σ orbitals was investigated. The MCSCF excitation energy of the B state is not sensitive to the size of the active space used. However, the CASPT2 results depend strongly on the amount of σ orbitals frozen reflecting the ionic character of the B state. On the other hand, the excitation energies of the B state are much more sensitive to the size of the active space used in the calculations reflecting its multiconfigurational character. We found a good agreement with experimental data for both bands by including 14 electrons in 14 π orbitals in the active space followed by the CASPT2(14,14) perturbation scheme in which both σ and π orbitals are included.