For more information, see R&TC Section 24311 and Specific Line Instructions.Ĭalifornia Venues Grant – For taxable years beginning on or after September 1, 2020, and before January 1, 2030, California law allows an exclusion from gross income for grant allocations received by a taxpayer pursuant to the California Venues Grant Program that is administered by CalOSBA. For more information, see Specific Line Instructions or go to ftb.ca.gov and search for AB 80.Ĭalifornia Microbusiness COVID-19 Relief Grant – For taxable years beginning on or after September 1, 2020, and before January 1, 2023, California law allows an exclusion from gross income for grant allocations received by a taxpayer pursuant to the California Microbusiness COVID-19 Relief Program that is administered by the Office of Small Business Advocate (CalOSBA).
“Ineligible entity” means a taxpayer that is either a publicly-traded company or does not meet the 25% reduction from gross receipts requirements under Section 311 of the CAA, 2021. For California purposes, these deductions generally do not apply to an ineligible entity. California law conforms to this federal provision, with modifications. The CAA, 2021, allows deductions for eligible expenses paid for with covered loan amounts.
Other Loan Forgiveness – For taxable years beginning on or after January 1, 2019, California law allows an exclusion from gross income for borrowers of forgiveness of indebtedness described in Section 1109(d)(2)(D) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act as stated by section 278, Division N of the federal CAA, 2021. For more information, see Specific Line Instructions or R&TC Section 24308.3. “Ineligible entity” means a taxpayer that is either a publicly-traded company or does not meet the 25% reduction from gross receipts requirements under Section 311 of Division N of the CAA, 2021. For California purposes, these deductions do not apply to an ineligible entity. The CAA, 2021 allows deductions for eligible expenses paid for with grant amounts. Shuttered Venue Operator Grant – For taxable years beginning on or after January 1, 2019, California law allows an exclusion from gross income for amounts awarded as a shuttered venue operator grant under the Consolidation Appropriations Act (CAA), 2021. Taxpayers should not consider the instructions as authoritative law.
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It is not possible to include all requirements of the California Revenue and Taxation Code (R&TC) in the instructions. We include information that is most useful to the greatest number of taxpayers in the limited space available. The instructions provided with California tax forms are a summary of California tax law and are only intended to aid taxpayers in preparing their state income tax returns. 1001, Supplemental Guidelines to California Adjustments, the instructions for California Schedule CA (540 or 540NR), and the Business Entity tax booklets. Additional information can be found in FTB Pub. For more information, go to ftb.ca.gov and search for conformity. When California conforms to federal tax law changes, we do not always adopt all of the changes made at the federal level. However, there are continuing differences between California and federal law. In general, for taxable years beginning on or after January 1, 2015, California law conforms to the Internal Revenue Code (IRC) as of January 1, 2015. Differences between California and Federal Law References in these instructions are to the Internal Revenue Code (IRC) as of January 1, 2015, and to the California Revenue and Taxation Code (R&TC). California Corporation Franchise or Income Tax Return
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