Legislative bill watch list and new law July 2018 Tax News

Included in that budget were several trailer bills that included content from other bills. Below is a list of both trailer bills that are now law and tax bills to watch.

Budget trailer bills

AB 1817 (Assembly Budget Committee) State Leadership Accountability Act and the Administrative Procedure Act, reporting and directives.

SB 855 (Senate Governance & Finance Committee) Tax Data Exchange Agreement, delete repeal date; Earned tribal income, exclusion; California Earned Income Credit, modification; New Employment Credit, extend sunset date; and California Competes Credit, allocation report.

SB 871 (Senate Governance & Finance Committee) Motion picture credit.

Here are a few interesting FTB sponsored tax bills that remain alive:

AB 2503 (Irwin) Administrative (dissolution or cancellation) for domestic corporations and limited liability companies.

AB 2855 (Brough) Net Operating Loss (NOL) deduction carryover, modified conformity.

SB 274 (Glazier) Partnership audit rules, notice of deficiency assessment: partnership’s federal election regarding audit rules is binding for state purposes unless FTB approves a separate election.

For more information on these and other bills we are currently analyzing, search for legislative information on our website. You can also follow bills as they are amended and move through the houses by using our Bill Tracking Report. You can also follow legislative bills by using Legislative Counsel’s website.