California is poised to update its tax code to match federal provisions for the first time in 10 years, but there’s little time to celebrate.
A conformity bill that passed California’s legislature last week and is now headed to Gov. Gavin Newsom (D) includes more than 1,000 changes made to the Internal Revenue Code between Jan. 1, 2015, and Jan. 1, 2025. It does not, however, address the tax law President Donald Trump signed on July 4, handing state lawmakers a new mission.
California is one of 19 states that doesn’t automatically conform to federal tax code changes, meaning lawmakers ...
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.