California lawmakers passed a package of three bills on Thursday with a $211 billion general fund budget for the fiscal year that starts July 1. The legislation includes a three-year suspension of corporate net operating loss deductions and reversal of a recent tax ruling that was favorable to multinational companies.
The package is close to what Gov. Gavin Newsom (D) asked for. He has 12 days to sign or veto the bills, and has line-item veto authority to adjust the main budget bill (A.B. 107), which passed the Senate 29-8 and the Assembly 59-14.
A companion bill ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.