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New Legislation › Tax Deductions › California

Weintraub Tobin

Part 1: The One Big Beautiful Bill Act – Tax Breaks for Tips and Overtime, Bigger SALT deduction, and a Boost to PTET Credits

Weintraub Tobin on

On July 4, 2025 the One Big Beautiful Bill Act (OBBBA) was signed into law.[1] The OBBBA made several provisions permanent from the Tax Cuts and Jobs Act (TCJA). It also made significant changes aimed to expand deductions,...more

Pillsbury Winthrop Shaw Pittman LLP

Navigating Tip and Overtime Deductions Under the OBBBA: What Employers Need to Know Now

Pillsbury Winthrop Shaw Pittman LLP on

New federal tip and overtime deductions effective in 2025 require employers to reassess payroll, reporting and compliance practices across jurisdictions. The OBBBA introduces new federal deductions for qualified tips and...more

Wilson Sonsini Goodrich & Rosati

California Senate and Assembly Budget Agreement Includes Temporary Suspension on Use of California NOLs and Limitations on Use of...

Wilson Sonsini Goodrich & Rosati on

On May 10, 2024, California Governor Gavin Newsom released a revised budget for 2024-2025 that includes, among other changes, a temporary suspension on the use of net operating losses (NOLs) for businesses with California...more

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