CA SB1435

Updates California's Personal Income Tax Law and Corporation Tax Law references to the Internal Revenue Code, setting January 1, 2025 as the new specified conformity date for taxable years beginning on or after that date.

Removes the federal limitation on business interest deductions (IRC Section 163(j)) for California Personal Income Tax Law purposes, effective for taxable years beginning on or after January 1, 2025.

Deletes outdated references to repealed federal tax provisions, including foreign investment companies under IRC Section 1246(b).

Repeals obsolete sections of the Revenue and Taxation Code (Sections 17132, 17279, 17865, 18044, and 24956) and updates Section 17250.

Takes effect immediately as a tax levy upon enactment.