Conformity bill passes — awaits action by the Governor
Last night, AB 1580 (Calderon) passed the Legislature. However, with opposition by the business community due to a penalty provision, it is unclear whether the Governor will sign the bill.
If enacted, California will conform to the IRC as it read on January 1, 2009, with a multitude of exceptions, including:
- §179 and bonus depreciation;
- HSA treatment;
- Federal provisions enacted in 2009; and
- Different treatment for mortgage COD relief.
Subscribers to Spidell's California Taxletter® and Online Research Package will receive details on what the bill contains.
