Summary of Federal tax changes May 2018 Tax News
There has been a great deal of interest and attention paid to the recent federal law changes. To help you better understand the extent of the federal changes and their impact on California’s tax laws, our Legislative Services Bureau recently released their Summary of Federal Tax Changes. This report is required by law to be submitted to the legislature annually and is frequently referred to as the conformity report. It is available on our public website.
This report explains the new 2017 federal laws along with the effective dates and the corresponding California law (if any) including an explanation of any changes made in response to the new federal law. It also includes the impact on California revenue if California were to conform to applicable federal changes.
This report also contains citations to the section numbers of federal public laws, the Internal Revenue Code, and the California Revenue and Taxation Code sections impacted by the federal changes. Finally, the report contains several exhibits and tables, including a listing of provisions expiring in California tax law.