Ideas & Insights

The California fiscal year 2020 budget addresses TCJA conformity and other new and amended state tax provisions.

Budget bills address pass-through entity tax, sales tax base and nexus changes, tax credits and reporting obligations.

The 2019 legislature passed several tax changes, issued marketplace facilitator rules and provided additional credits and incentives.

Legislation would have addressed various tax reform provisions, conformity, and remote seller sales tax nexus.

The supplemental budget bill addresses the inclusion of global intangible low-taxed income for personal and corporate income tax purposes.

Taxpayers who have already filed a 2017 tax return and included the section 965 amounts should amend their return.