AB 1790: Corporations Tax Law: water’s-edge election: global intangible low-taxed income.

This bill requires taxpayers to account for net tested income within the water's-edge group, if they file on a water's-edge basis. It also requires taxpayers to include all income and apportionment factors of corporations with a sales factor of at least 20% in the United States. The bill terminates all water's-edge elections for taxable years beginning on or after January 1, 2028, and allows taxpayers to terminate their election without consent before that date. The bill also changes state statute to result in a higher tax payment, requiring approval from 2/3 of the legislature for passage. The bill takes effect immediately as a tax levy.