Income taxes: federal conformity: Creating Small Business Jobs Act of 2010.

The Personal Income Tax Law, in modified conformity with federal income tax law, provides that gross income does not include 50% of any gain from the sale or exchange of qualified small business stock, as defined, held for more than 5 years, as provided. This bill, under the Personal Income Tax Law, would conform with federal income tax law, as that law was amended by the Creating Small Business Jobs Act of 2010, providing that gross income does not include 100% of any gain from the sale or exchange of qualified small business stock, acquired in the 2011 calendar year, held for more than 5 years, as provided. This bill would take effect immediately as a tax levy.