Inside Track: CalCPA Legislative Summit & CPA Day Recap.

• Author: Fox, Jason

CalCPA's Legislative Summit featured several panels and guest speakers touching on a wide array of issues.

Assemblywoman Jaqui Irwin, who represents the 42nd Assembly District covering parts or Los Angeles and Ventura counties, spoke about her perspective as an established legislator building relationships with newly elected colleagues, balancing an uncertain economy with state budget priorities and her influential role as chair of the Assembly Revenue and Taxation Committee.

Newly elected Senator Roger Niello CPA (inactive), who represents the 6th Senate District covering parts of Sacramento and Placer counties, spoke about how his experience as a CPA has helped inform his career in public policy, how things have changed since his previous legislative service in the early 2000s and what role he sees for CPAs to help address some of the challenges facing California.

Katrina Salazar, president of the California Board of Accountancy and board member of the National Association of State Boards of Accountancy, discussed efforts to address pipeline pressures, refinements to the licensure framework, what regulators are looking at to support consumer protection efforts and efforts to coordinate with the profession to tackle challenges.

CalCPA members also heard from government relations insiders regarding how the CPA profession can best navigate the shifting political and policy landscape.

With the added context and perspective, CalCPA members took advantage of the opportunity to get back to in-person meetings with members of the Legislature to reconnect and build new relationships with many of the newly elected officials.

Added Flexibility & Refinement of Pass-Through Entity Tax (PTET) Provisions

While the PTET has provided significant relief for many taxpayers, CalCPA members with real-world PTET experience have identified issues that limit accessibility to the PTET and complicate its implementation. CalCPA members urged consideration of recommendations we believe will ensure the PTET is sufficiently accessible and beneficial to all taxpayers it's intended to assist. Specifically, the rigid June 15 deadline that complicates election into PTET and a reevaluation of the non-refundabilily of the PTET credits.

CalCPA Can Help Advance Financial Literacy

The economic uncertainty of the last few years has exposed a glaring need for improved financial literacy education. While progress has been made, CalCPA members are ready to work with policy leaders...