| What are the 2011 Tax Law Changes for Californian Individual Income Tax?
Per the CA Franchise Tax Board, (CA FTB)The Main California Individual Income Tax Law Changes for 2011 are as follows;
1.A Decrease in the Tax Rate
Beginning on January 1, 2011, the tax rate decreased by 0.25%.
2.Dependent Exemptions Credits
Beginning on January 1, 2011, the dependent exemption credit increased from $99 to $315 per dependent.
3.Child and Dependent Care Expenses Credit.
For taxable years beginning on or after January 1, 2011, the child and dependent care expense credit is nonrefundable.
4. Net Operating Loss.
For taxable years 2010 and 2011, California suspended the net operating loss (NOL) carryover deduction.
Per CA FTB, "Taxpayers may continue to compute and carryover NOLs during the suspension period. However, taxpayers with modified adjusted gross income of less than $300,000 or with disaster loss carryovers are not affected by the NOL suspension rules."
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