Rev. & Tax. Code, § 17276.1 · Article 6. Deductions
Rev. & Tax. Code, § 17276.1
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) A qualified taxpayer, as defined in Sections 17276.2, 17276.5, and 17276.6, as those sections read on November 30, 2014, and Sections 17276.1, 17276.4, and 17276.7, may elect to take the deduction provided by Section 172 of the Internal Revenue Code, relating to the net operating loss deduction, as modified by Section 17276, with the following exceptions:
(1) Subdivision (a) of Section 17276, relating to years in which allowable losses are sustained, shall not be applicable.
(2) Subdivision (b) of Section 17276, relating to the 50-percent reduction of losses, shall not be applicable.
(b) The election to compute the net operating loss under this section shall be made in a statement attached to the original return, timely filed for the year in which the net operating loss is incurred and shall be irrevocable. In addition to the exceptions specified in subdivision (a), the provisions of Sections 17276.2, 17276.5, and 17276.6, as those sections read on November 30, 2014, or Sections 17276.1, 17276.4, and 17276.7, as appropriate, shall be applicable.
(c) Any carryover of a net operating loss sustained by a qualified taxpayer, as defined in subdivision (a) or (b) of Section 17276.2 as that section read immediately prior to January 1, 1997, shall, if previously elected, continue to be a deduction, as provided in subdivision (a), applied as if the provisions of subdivision (a) or (b) of Section 17276.2, as that section read prior to January 1, 1997, still applied.
Notes and commentary — not statutory text
History
Amended by Stats. 2026, Ch. 236, Sec. 15. (SB 1435) Effective September 14, 2026. Applicable to taxable years beginning on or after January 1, 2025, provided in Section 46\nof Stats. 2026, Ch. 236.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=RTC§ionNum=17276.1.
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- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 7 provisions
Provisions in this library whose text cites Rev. & Tax. Code, § 17276.1. Each shows the citation as that text prints it.
Revenue and Taxation Code
- Rev. & Tax. Code, § 17276Printed as Sections 17276.1, 17276.4, and 17276.7
- Rev. & Tax. Code, § 17276.3Printed as Sections 17276, 17276.1, 17276.4, and 17276.7
- Rev. & Tax. Code, § 17276.4Printed as Section 17276.1
- Rev. & Tax. Code, § 17276.7Printed as Section 17276.1
- Rev. & Tax. Code, § 17276.21Printed as Sections 17276, 17276.1, 17276.4, and 17276.7
- Rev. & Tax. Code, § 17276.22Printed as Section 17276.1, 17276.4, or 17276.7
- Rev. & Tax. Code, § 17276.23Printed as Sections 17276, 17276.1, 17276.4, 17276.7, and 17276.22
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