Under the Personal Income Tax Law and the Corporation Tax Law, various provisions of the federal Internal Revenue Code, as enacted as of a specified date, are referenced in various sections of the Revenue and Taxation Code. Those laws provide that for taxable years beginning on or after January 1, 2015, the specified date of those referenced Internal Revenue Code sections is January 1, 2015, unless otherwise specifically provided. Existing law requires, for any introduced bill that proposes changes in any of those dates, that the Franchise Tax Board prepare a complete analysis of the bill that describes all changes to state law that will automatically occur by reference to federal law as of the changed date. It further requires the Franchise Tax Board to immediately update and supplement that analysis upon any amendment to the bill, and requires that analysis be made available to the public and be submitted to the Legislature for publication in the daily journal of each house of the Legislature.
This bill would change the specified date of those referenced Internal Revenue Code sections to January 1, 2025, for taxable years beginning on or after January 1, 2025, and thereby would make numerous substantive changes to both the Personal Income Tax Law and the Corporation Tax Law with respect to those areas of preexisting conformity that are subject to changes under federal laws enacted after January 1, 2015, and that have not been, or are not being, excepted or modified. This bill would make certain other changes in federal income tax laws applicable, with specified exceptions and modifications, and make specified supplemental, technical, or clarifying changes for purposes of the Personal Income Tax Law or the Corporation Tax Law, or both, or the administration of those laws, with respect to, among other things, tax credits, deductions, net operating losses, Roth IRAs, and capital assets.
This bill would also repeal obsolete provisions.
This bill would declare that it is to take effect immediately as an urgency statute.

Statutes affected:
03/26/25 - Amended Senate: 12206 RTC, 12206 RTC, 17024.5 RTC, 17024.5 RTC, 17052.6 RTC, 17052.6 RTC, 17052.12 RTC, 17052.12 RTC, 17053.91 RTC, 17053.91 RTC, 17058 RTC, 17058 RTC, 17062 RTC, 17062 RTC, 17063 RTC, 17063 RTC, 17076 RTC, 17076 RTC, 17085 RTC, 17085 RTC, 17087.5 RTC, 17087.5 RTC, 17131.4 RTC, 17131.4 RTC, 17131.8 RTC, 17131.8 RTC, 17140 RTC, 17140 RTC, 17140.3 RTC, 17140.3 RTC, 17144.5 RTC, 17144.5 RTC, 17201.6 RTC, 17201.6 RTC, 17204 RTC, 17204 RTC, 17204.7 RTC, 17204.7 RTC, 17220 RTC, 17220 RTC, 17225 RTC, 17225 RTC, 17241 RTC, 17241 RTC, 17250 RTC, 17250 RTC, 17255 RTC, 17255 RTC, 17270 RTC, 17270 RTC, 17271 RTC, 17271 RTC, 17275.3 RTC, 17275.3 RTC, 17276 RTC, 17276 RTC, 17276.05 RTC, 17276.05 RTC, 17302 RTC, 17302 RTC, 17323 RTC, 17323 RTC, 17501 RTC, 17501 RTC, 17551 RTC, 17551 RTC, 17559 RTC, 17559 RTC, 17560.5 RTC, 17560.5 RTC, 17564 RTC, 17564 RTC, 17737 RTC, 17737 RTC, 18031.5 RTC, 18031.5 RTC, 18036 RTC, 18036 RTC, 18042 RTC, 18042 RTC, 18409 RTC, 18409 RTC, 18622.5 RTC, 18622.5 RTC, 18631.7 RTC, 18631.7 RTC, 18666 RTC, 18666 RTC, 19058 RTC, 19058 RTC, 19141.5 RTC, 19141.5 RTC, 19144 RTC, 19144 RTC, 19167 RTC, 19167 RTC, 19183 RTC, 19183 RTC, 19852 RTC, 19852 RTC, 19900 RTC, 19900 RTC, 23400 RTC, 23400 RTC, 23453 RTC, 23453 RTC, 23455 RTC, 23455 RTC, 23456 RTC, 23456 RTC, 23609 RTC, 23609 RTC, 23610.5 RTC, 23610.5 RTC, 23691 RTC, 23691 RTC, 23711 RTC, 23711 RTC, 23806 RTC, 23806 RTC, 23809 RTC, 23809 RTC, 24308.6 RTC, 24308.6 RTC, 24344 RTC, 24344 RTC, 24349.1 RTC, 24349.1 RTC, 24356 RTC, 24356 RTC, 24357 RTC, 24357 RTC, 24358 RTC, 24358 RTC, 24416 RTC, 24416 RTC, 24416.05 RTC, 24416.05 RTC, 24440 RTC, 24440 RTC, 24459 RTC, 24459 RTC, 24465 RTC, 24465 RTC, 24601 RTC, 24601 RTC, 24661.5 RTC, 24661.5 RTC, 24661.6 RTC, 24661.6 RTC, 24673.2 RTC, 24673.2 RTC, 24721 RTC, 24721 RTC, 24990.5 RTC, 24990.5 RTC