The purpose of this Quarterly California Tax Legislative Update is to provide our clients and prospective clients with timely and meaningful updates that affect both their personal income and business taxes.

The 3rd quarter of 2014 saw an expansion of the California film and television tax credit as well as additional guidance on the application process for the new California Competes Credit. The State finally provided guidance on a confusing and complex topic, the taxation of out-of-state LLC members. Finally, a recent California Court of Appeals decision may broaden the application of the California real estate transfer tax to changes in control of legal entities.

This tax alert includes information on the following:

  • California Enacts Film and Television Tax Credit Expansion
  • California Announces 2nd Round of Applications for the Competes Credit
  • California Addresses the Taxation of Out-of-State LLC Members
  • Real Estate Transfer Tax Could Apply to Change in Control of Legal Entity Ownership