Under the second stimulus package approved by Governor Newsom on Monday, roughly two-thirds of Californians can expect a $600 payment, thanks to the second phase of the Golden State Stimulus.
On June 28, Governor Newsom and California legislators announced an agreement on a new 2021-2022 budget. Included in the agreement are a number of trailer bills that contain several major tax-related items.
Governor Newsom has signed AB 80, bringing California into partial conformity with federal law.
AB 80 was been on April 15 to a remove a provision that placed a $150,000 cap on the amount of business expenses paid for using forgiven PPP or EIDL funds that a California business can deduct.
The Department of the Treasury has released a long-awaited directive that will allow the California Legislature to move forward with their PPP conformity bill, AB 80.