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California Conformity to Federal Law

On September 30, 2015, AB 154, the Conformity Act of 2015 was enacted. The Act changes California’s conformity date to the Internal Revenue Code from January 1, 2009, to January 1, 2015. California’s conformity results in numerous substantive changes to both personal and corporation tax law with respect to those areas of preexisting conformity that are subject to changes under federal laws enacted after January 1, 2009. However, there are continuing differences between California and federal law. When California conforms to federal tax law changes, we do not always adopt all of the changes made at the federal level. For more information, get FTB Publication 1001, Supplemental Guidelines to California Adjustments.

Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss (NOL) Carryback

The Act generally conforms California law to the NOL rules that allow corporations expecting an NOL carryback to extend the time for payment of taxes for the preceding taxable year. A corporation that expects an NOL in the 2016 taxable year can file form FTB 3593 to extend the time for payment of taxes for the immediately preceding 2015 taxable year. This includes extending the time for payment of a tax deficiency. The payment of tax that can be postponed cannot exceed the expected overpayment from the carryback of the NOL. For more information get form FTB 3593.

The Act also added exceptions to the Large Corporate Underpayment Penalty. See the discussion of existing law and new exceptions to the law.

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