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Tax Credits Governor Newsom State Legislatures

Eversheds Sutherland (US) LLP

California Legislature drops the other shoe, kicking taxpayers right in the apportionment formula

California legislators released bill language addressing Governor Gavin Newsom’s “May Revise” to the state budget that includes the Governor’s so-called “apportionment fix.” If enacted, Assembly Bill 167 and Senate Bill 167...more

Eversheds Sutherland (US) LLP

California Governor “May Revise” taxpayer apportionment win

On May 10, California Governor Gavin Newsom introduced his “May Revise” of the state budget. In addition to net operating loss deduction suspensions and tax credit usage limitations, one particularly concerning corporate...more

Sheppard Mullin Richter & Hampton LLP

California Governor Signs into Law Cannabis Tax Relief Bill

Help for California’s fledgling cannabis industry finally appears to be on the way. For years, the industry has shouldered heavy taxes – a 15% state-wide excise tax, sales and use taxes up to 10.75%, and local business...more

Pillsbury Winthrop Shaw Pittman LLP

California Legislature Passes Governor Newsom’s Proposal to Suspend California Net Operating Loss Deductions and Limit Tax Credits...

The legislation suspends California net operating loss deductions for tax years beginning in 2020, 2021 and 2022. It limits California tax credits to $5 million for each taxpayer for the same tax years....more

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