The state of California has made the following tax law changes for tax year 2024:
Wildfire Relief Payment - The Federal Disaster Tax Relief Act of 2023 allows a deduction for any amount received by an individual as a qualified wildfire relief payment. California law generally does not conform. If any qualified amount was excluded from income for federal purposes and California law does not provide a similar exclusion, include that amount in income for California purposes.
Wildfire Mitigation Payment - Starting with tax year 2024, California allows an exclusion from gross income for any amount received as a California qualified wildfire loss mitigation payment through the California Wildfire Mitigation Financial Assistance Program.
Net Operating Loss (NOL) Suspension - Starting with tax year 2024, California has suspended the net operating loss carryover deduction.
You can read more about the changes to California Tax Law here.