AB 1511 Summary

• Disallows net operating loss (NOL) carrybacks for individual and corporate taxpayers and extends NOL deductions disallowance to taxable years 2010-2011 (previously only 2008-2009).

• Extends carryover periods for NOLs to allow taxpayers the same total years to utilize deductions as if the 2008-2009 disallowance had not occurred.

• Delays use of assigned credits by eligible assignees from taxable years beginning January 1, 2010 to taxable years beginning January 1, 2012, and makes assignments of credits under prior law subject to this delay.

• Requires single sales factor apportionment (instead of optional election) for most apportioning businesses for taxable years beginning January 1, 2012 and thereafter.

• Conforms California's personal income and corporate tax laws to federal Internal Revenue Code provisions relating to net operating losses under Chapter 14 of the 2010 Statutes.