California Franchise Tax Board issues first report on tax reform
TAX ALERT |
UPDATE – March 12, 2018:
On March 4, 2018, the California Franchise Tax Board (FTB) issued the first of three reports discussing the California impact of the recent federal tax reform package enacted in December. The first report discusses personal and corporate taxation as well as administration of the franchise and income tax laws. The FTB issued preliminary guidance on Feb 12, 2018, addressing several provisions, including the temporary reduction in medical expense deduction floor, the limitation on the deduction for state and local taxes, and the repatriation tax on untaxed earnings of foreign corporations.
An additional two reports are projected to be released on the following dates:
- March 26, 2018
- April 20, 2018 – Final Summary of Federal Income Tax Changes Report
The March 4, 2018 report is available here.
ORIGINAL ALERT – Feb. 15, 2018: California Franchise Tax Board issues guidance on federal tax