On April 20, 2018, the California Franchise Tax Board (“FTB”) issued its final report on the summary of the state’s conformity to the Tax Cuts and Jobs Act and other federal changes occurring in 2017. This is the last of four report summaries from the FTB and includes the preliminary report, as well as two subsequent summary reports.
California taxpayers should review the final report and reach out to their tax advisers with questions. Over half of the state legislatures are still in session and many are considering the state impact of federal tax reform. As for publishing, California has not enacted any legislation specifically addressing federal tax reform. For more information on federal and state tax reform, please see RSM’s Tax Reform Resource Center.
ORIGINAL ALERT: California Franchise Tax Board issues first report on tax reform