TAX NEWS - May 2009

California tax: Federal / State Conformity

May 2009 - On March 24, 2009, we released our annual federal conformity report, Summary of Federal Income Tax Changes 2008, which explains new federal laws along with their effective dates. Corresponding California law, if any, is also included in the analysis. Finally, the impact on California revenue is provided if California were to conform to the federal changes.

On April 3, 2009, we held an interested parties meeting to discuss California conformity to the 2008 federal income tax changes and whether or not our staff recommends conforming in a conformity bill. The discussion at this meeting excluded revenue considerations only taking policy issues into account for recommendations. The federal legislation discussed included the following:

- Economic Stimulus Act of 2008 (PL 110-185).
- Heartland, Habitat, Harvest, and Horticulture Act of 2008 (PL 110-246).
- Heroes Earnings Assistance and Relief Act of 2008 (PL 110-245).
- Housing and Economic Recovery Act of 2008 (PL 110-289).
- Hubbard Act of 2008. (PL 110-317).
- Emergency Economic Stabilization Act of 2008 (PL 110-343).
- Worker, Retiree, and Employer Recovery Act of 2008 (PL 110-458).

For a list of future meetings, visit our Interested Parties Meetings webpage.