CA SB113

Creates the California Emergency Relief Fund with $150 million transferred from the General Fund to provide emergency resources for COVID-19 relief, with $150 million appropriated to the Office of Small Business Advocate for waitlisted small business grant applications.

Excludes bill credits received by customers from water systems, wastewater providers, and utility companies under pandemic relief programs from gross income for tax years 2021-2025 and protects such assistance from affecting eligibility for public benefits.

Excludes federal restaurant revitalization grants and shuttered venue operator grants from California gross income for tax purposes and prohibits reductions in tax deductions or basis adjustments related to these exclusions.

Reinstates the net operating loss deduction and removes temporary $5 million caps on business credits for taxable years beginning January 1, 2022 and later.

Expands the Small Business Relief Act's elective tax credit to include partnerships as eligible members and certain disregarded LLCs, and allows the credit to reduce tax below the tentative minimum tax for taxable years 2021 and later.