Press Room: Article
2010 California Legislative Update
California once again faced an enormous budget gap in 2010. With Republicans refusing to accept any tax increases and Democrats unwilling to make major cuts in spending, legislative gridlock pushed this year’s budget agreement to its latest resolution ever.
Falling under the category of temporary measures, the legislature extended the suspension of the deduction for net operating losses (NOLs) for both personal and corporate tax purposes for another two years.