Newly Enacted CA Legislation: NOL Suspension, Business Credits Cap, and More
On June 27, 2024, California enacted a number of corporate and personal income tax changes including following: suspending net operating loss (NOL) deductions for 2024, 2025, and 2026. capping business credits at $5 million per year for 2024, 2025, and 2026. eliminating a deduction for intangible drilling and development costs for oil and gas wells. […]
