California Passes Workaround to the Federal Limit on State Tax Deductions
KROST
AUGUST 6, 2021
The law is retroactive to years beginning on or after January 1, 2021 and continues for years ending before January 1, 2026. The electing owners are then granted a credit against their California personal income tax for the full amount of the tax paid by the entity on their allocable share of California taxable income.
Let's personalize your content