CA SB1192

Extends the Small Business Relief Act's elective tax provisions for partnerships and S corporations through taxable years beginning before January 1, 2028 (previously set to expire January 1, 2026).

Allows qualified entities to elect to pay an elective tax at 9.3 percent on qualified net income instead of standard tax rates, with the election remaining irrevocable once made.

Extends the personal income tax credit for partners, shareholders, and members of electing entities equal to 9.3 percent of their pro rata share of qualified net income through taxable years beginning before January 1, 2028.

Makes the provisions inoperative and repeals them earlier if Section 164(b)(6) of the Internal Revenue Code (the $10,000 state and local tax deduction cap) is repealed before December 1, 2028.

Updates payment deadlines to require a 50 percent installment of the prior year's elective tax (or $1,000 minimum) by June 15th, with the remaining balance due by the original return due date.