California SB1435 modifies state tax laws to conform with federal tax changes, affecting net operating losses, earned income tax credits, and other.

California SB1435 amends the state's Revenue and Taxation Code to align with federal tax laws, particularly concerning net operating losses, earned income tax credits, and various tax provisions. It modifies the carryover and carryback periods for net operating losses, adjusts the earned income tax credit percentages, and excludes certain federal tax provisions from state application. The bill also specifies conditions for tax credits and deductions related to biopharmaceutical activities, Pierce's disease, and the Los Angeles Revitalization Zone.

California SB1435 modifies state tax laws to conform with federal tax changes, affecting net operating losses, earned income tax credits, and other.

California SB1435 amends the state's Revenue and Taxation Code to align with federal tax laws, particularly concerning net operating losses, earned income tax credits, and various tax provisions. It modifies the carryover and carryback periods for net operating losses, adjusts the earned income tax credit percentages, and excludes certain federal tax provisions from state application. The bill also specifies conditions for tax credits and deductions related to biopharmaceutical activities, Pierce's disease, and the Los Angeles Revitalization Zone.