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Post details: California --Corporate, Personal Income Taxes: Economic Stimulus Act Conformity Legislation Introduced
05/13/08
California --Corporate, Personal Income Taxes: Economic Stimulus Act Conformity Legislation Introduced
CCH (cch.taxgroup.com) reports:
Legislation has been introduced in the California Assembly that would conform California corporation franchise and income tax and personal income tax laws to the bonus depreciation and IRC §179 asset expense election changes made by the federal Economic Stimulus Act of 2008 (ESA) (P.L. 110-185). The ESA enacted 50% bonus depreciation and increased the dollar and investment limits for the asset expense election for the 2008 tax year. California did not conform to the federal bonus depreciation deduction for property placed into service after September 10, 2001, and before 2005, and currently only partially conforms to the asset expense election provisions.
Subscribers to CCH Tax Research NetWork can view the proposed legislation.
A.B. 2491, as amended in the California Assembly on May 6, 2008.
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