California will do its own thing (except for automatic conformity items) with the new tax reform bill. “It’s all about the Benjamin’s” (Revenue Impact).
Franchise Tax Board (FTB) Revenue Estimating Methods
One major function of the FTB Economic and Statistical Research Bureau is to provide revenue estimates for proposed changes to the California Revenue and Taxation Code. In addition to developing revenue estimates for legislative bills, they receive revenue estimate requests from the Department of Finance (DOF), legislators, board members of the FTB, and other elected officials. FTB also reports annually on the potential effects of conforming to the prior year federal tax law changes, as well as, the impacts from special provisions in California’s tax code (i.e. tax expenditures).
To produce accurate, consistent, and impartial estimates of the revenue effects of alternative tax policies that the Governor, members of the Legislature, and the public can rely upon during the policy making process.
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