CA AB2771

Amends Section 18001 of the Revenue and Taxation Code to modify how California residents calculate credits for taxes paid to other states

Prohibits application of California's single sales factor apportionment formula (Sections 25128-25139) when determining income sourced to another state; requires use of that state's apportionment rules instead

Maintains existing credit requirements: credit applies only to taxes on income derived from sources within the other state and taxable under its laws, and credit cannot exceed the proportion of California net tax corresponding to out-of-state income

Takes effect immediately as a tax levy under Article IV of the California Constitution