California Governor Signs Tax Bill

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The Governor has signed a new tax bill for Californians, SB 86.  The new bill does the following:

  • Beginning in 2011, taxpayers can report use tax for single nonbusiness purchases of $1,000 or less on their tax return by using a look-up table, which would indicate an estimated amount of use tax due based on the person’s AGI.
  • Modifies the Child and Dependent Care Credit, so that it is no longer refundable for taxable years beginning on or after January 1, 2011; and
  • Establishes an amnesty program for taxpayers who have:
    • Tax avoidance transactions currently under audit or in protest;
    • Unknown tax avoidance transactions; or
    • Unreported income from an offshore financial arrangement.
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