- Senate Bill 167 in California is pending signature.
- The bill includes several revenue-raising measures.
- Suspends the bad debt deduction for certain retailers for three years.
- Disallows the bad debt deduction for lenders entirely.
- Exception for lenders if the account was written off as worthless before January 1, 2025.
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
