Bill > SB711

This bill updates California's tax code to conform to various federal tax law changes that have occurred since 2015, with a primary focus on updating the specified date of referenced Internal Revenue Code sections to January 1, 2025. The bill makes numerous substantive changes to both Personal Income Tax Law and Corporation Tax Law, addressing areas such as tax credits, deductions, net operating losses, Roth IRAs, and capital assets. Specifically, it modifies how certain federal tax provisions are applied in California, selectively adopting or rejecting specific federal tax code amendments from laws like the Tax Cuts and Jobs Act of 2017 and various appropriations acts. The bill aims to reduce administrative complexity by standardizing the state's tax code with federal regulations while also maintaining some California-specific tax treatment. It includes technical corrections, repeals obsolete provisions, and provides specific guidance on how various federal tax law changes will be interpreted for California state tax purposes. The bill is designated as an urgency statute, meaning it will take effect immediately upon passage, with the goal of providing tax relief and reducing administrative burdens for taxpayers and state tax agencies.

Budget and Finance

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB711