Taxation: gross income exclusions: opportunity zones.

The Personal Income Tax Law and the Corporation Tax Law impose taxes upon taxable income, as specified. Additionally, various provisions of the Personal Income Tax Law and the Corporation Tax law conform, or conform as modified, to provisions of the Internal Revenue Code. This bill would conform the Personal Income Tax Law and the Corporation Tax Law to provisions of the Internal Revenue Code that allow for specified tax treatment for income derived from activities within a qualified opportunity zone, including the deferral of recognition of a capital gain, and would provide that the provisions are limited to designated opportunity zones located in the state. This bill would take effect immediately as a tax levy.