California § 24990.5. 24990.5. (Amended by Stats. 2025, Ch. 231, Sec. 118.)

California Statutes

§ 24990.5. — 24990.5. (Amended by Stats. 2025, Ch. 231, Sec. 118.)

California § 24990.5.

JurisdictionCalifornia

Code RTCRevenue and Taxation Code - RTC

Div. 2.DIVISION 2. OTHER TAXES

Part 11.PART 11. CORPORATION TAX LAW

Ch. 15.CHAPTER 15. Gain or Loss on Disposition of Property

Art. 4.5.ARTICLE 4.5. Capital Gains and Losses

This text of California § 24990.5. (24990.5. (Amended by Stats. 2025, Ch. 231, Sec. 118.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Revenue and Taxation Code - RTC Code § 24990.5. (2026).

Text

The provisions of Section 1212 of the Internal Revenue Code, relating to capital loss carrybacks and carryovers, are modified as follows:

(a)Section 1212(a)(1)(A) of the Internal Revenue Code, relating to capital loss carrybacks, shall not apply.

(b)Section 1212(a)(4) of the Internal Revenue Code, relating to special rules on carrybacks, shall not apply.

(c)Sections 1212(b) and 1212(c) of the Internal Revenue Code, relating to other taxpayers and carryback of losses from Section 1256 contracts to offset prior gains from such contracts, respectively, shall not apply.

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The provisions of Section 1212 of the Internal Revenue Code, relating to capital loss carrybacks and carryovers, are modified as follows:
(a)
Section 1212(a)(1)(A) of the Internal Revenue Code, relating to capital loss carrybacks, shall not apply.
(b)
Section 1212(a)(4) of the Internal Revenue Code, relating to special rules on carrybacks, shall not apply.
(c)
Sections 1212(b) and 1212(c) of the Internal Revenue Code, relating to other taxpayers and carryback of losses from Section 1256 contracts to offset prior gains from such contracts, respectively, shall not
apply.

Legislative History

Amended by Stats. 2025, Ch. 231, Sec. 118. (SB 711) Effective October 1, 2025. Applicable to taxable years beginning on or after January 1, 2015, as provided in Sec. 41 of Stats. 2015, Ch. 359.