California Governor Releases May Revision of Fiscal 2021 Budget

California Gov. Gavin Newsom (D) released the May 2020 revision of the fiscal 2021 budget, which focuses on the state's economic and public safety response to COVID-19; highlights of the revised budget include temporary suspensions of net operating losses, limiting the amount of annual credits individuals and businesses can use, and the maintenance of the recently expanded earned income tax credit.