Taxation: federal conformity.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Chaptered
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill aims to align California’s tax laws with federal tax laws. Specifically, it changes the date used for referencing federal Internal Revenue Code sections in California’s tax code to January 1, 2025. This change is necessary to ensure that California’s tax laws remain consistent with federal tax law changes enacted after January 1, 2015. The bill also includes several other adjustments to federal income tax laws, such as modifying credit provisions and making technical corrections to ensure compatibility between the two tax systems.
Key provisions
- Changes the reference date for federal Internal Revenue Code sections to January 1, 2025.
- Modifies the calculation of the California Alternative Minimum Tax credit.
- Adjusts the percentage of the federal research and development tax credit available to California companies.
- Updates provisions related to qualified residence rehabilitation credits.
- Makes technical corrections to ensure consistency between California and federal tax laws.
- Repeals obsolete provisions in the Revenue and Taxation Code.
- Includes provisions to address the treatment of qualified stock options.
- Modifies the standard deduction and exemption amounts to account for inflation.
Who is affected
- Taxpayers
- Corporations
- Individuals
- The Franchise Tax Board
- California Tax Credit Allocation Committee
Notable changes
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours