The California Franchise Tax Board has released a report that explains the new federal laws enacted during 2014 and the corresponding California personal income and corporation franchise and income tax laws, if any. The report includes an explanation of any California changes made in response to the new federal laws and the impact on California revenue were California to conform to the federal changes. The report also contains citations to the section numbers of federal Public Laws, the Internal Revenue Code, and the California Revenue and Taxation Code impacted by the federal changes.
The report analyzes the amendments made by the following federal laws:
— Philippines Charitable Giving Assistance Act (P.L. 113-92);
— Cooperative and Small Employer Charity Pension Flexibility Act (P.L. 113-97);
— Highway and Transportation Funding Act of 2014 (P.L. 113-159);
— Tribal General Welfare Act of 2014 (P.L. 113-168);
— Multiemployer Pension Reform Act of 2014 (P.L. 113-235);
— An Act to Amend Certain Provisions of the FAA Modernization and Reform Act of 2012 (P.L. 113-243); and
— Tax Increase Prevention Act of 2014 (P.L. 113-295);
In addition, the report lists miscellaneous 2014 federal acts impacting the Internal Revenue Code that do not require a California response, as well as expiring California tax provisions.
Summary of Federal Income Tax Changes 2014, California Franchise Tax Board, April 2015