CA SB167

Disallows net operating loss deductions for taxable years beginning January 1, 2024 through December 31, 2026, with extended carryover periods and exceptions for taxpayers with income under $1,000,000.

Limits total business credits to $5,000,000 per taxable year for 2024-2026 period, with carryover provisions and exclusions for certain personal credits like earned income tax credit and young child tax credit.

Modifies young child and foster youth tax credits to phase out at the same income level where California Earned Income Tax Credit reaches zero, effective taxable years beginning January 1, 2024.

Extends historic venue tax fund provisions until November 1, 2030, requiring segregation of qualified event sales and allocating 5% of revenues to cities and counties for venue improvements.

Disallows deductions for intangible drilling and development costs for oil and gas wells effective January 1, 2024, and disallows percentage depletion calculations for coal, oil, oil shale, and gas for taxable years beginning January 1, 2024.