The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions in computing the income that is subject to the taxes imposed by that law, including miscellaneous itemized deductions that are allowed only to the extent that the aggregate amount of those deductions exceeds 2% of adjusted gross income.
This bill, on or after January 1, 2019, would allow as a deduction under that law in an amount equal to the amount of federal income tax paid, as defined, by a taxpayer on income that is attributable to a taxable year beginning on or after January 1, 2018, as specified.
This bill would take effect immediately as a tax levy.