California AB-150: Small Business Relief Act

Posted by Rex Ours on August 09, 2021

On July 16, 2021, California’s governor signed Assembly Bill 150 (AB 150). Among other things, this bill includes the “Small Business Relief Act”, which allows taxpayers to receive a credit for their share of state and local tax (SALT) deducted from the net income on their federal returns for their qualified business(es). This elective tax payment will be available from January 1, 2021 through January 1, 2026.

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Tags: Accounting, COVID, IRS, California State Tax, Small business relief act, federal tax, Income tax