SB 1435: Personal Income Tax Law and Corporation Tax Law: federal conformity.

The bill aims to update references to the federal internal revenue code for the personal income tax law and the corporation tax law. This update ensures modified conformity with federal income tax laws. The bill provides a deduction from income for interest paid on indebtedness incurred in the ordinary course of a trade or business, without applying the existing federal limitation on deductibility for business interest. The changes will take effect immediately, affecting taxable years beginning on or after January 1, 2025.