As an update to Ryan’s article California Single-Payor Healthcare Off the Table; NOL Deduction Back on the Table, both the California House of Representatives (HB 87) and the California Senate (SB 113) passed bills to restore business tax credits and net operating loss (NOL) deductions. On February 9, 2022, Governor Newsom signed SB 113. This legislation reestablishes taxpayers the ability to offset taxable income in excess of $5,000,000 with tax credits. The new law also restores a taxpayer’s entitlement to take an NOL deduction. Both of these provisions are effective as of January 1, 2022.
Please contact your Ryan representative to assist with the reinstatement of these new rules.
TECHNICAL INFORMATION CONTACTS:
Mark L. Nachbar
Principal
Ryan
630.515.0477
mark.nachbar@ryan.com
Mary Bernard
Manager
Ryan
401.272.3363
mary.bernard@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.