38. AB-150: What Is It and How Does It Impact Your Taxes? With Ken Van Damme



On July 16th, 2021, California governor Gavin Newsom passed Assembly Bill 150. One of the key components of this bill is the Small Business Relief Act, which has the potential to reduce your taxable income.

In this episode, Kyle Malmstrom speaks with Ken Van Damme, tax partner at Ernst and Young, about what the AB-150 entails. They discuss creative strategies to leverage this new law to optimize your individual taxes, while highlighting the various risks involved.

Ken discusses:

  • The eligibility criteria to qualify for AB-150’s tax provisions
  • How you can start preparing for the new tax law until the federal guidelines are released
  • Tips to avoid overpaying in non-refundable taxes
  • The impact of AB-150 on multi-state entities
  • And more

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About Our Guest:

Kenneth Van Damme is a California CPA with more than 28 years of tax advisory experience. He is a partner in the San Diego office of Ernst and Young as part of the firm’s Private Client Services group. Prior to rejoining EY in 2018, Ken had co-founded and built a very successful CPA firm in San Diego for 17 years known as RPR Partners. Ken has extensive tax consulting experience with structuring real estate and company transactions as well as income tax and estate tax planning for individuals. He is a member of the American Institute of Certified Public Accountants and has a Bachelor’s degree from Western Michigan University and Masters degree from San Diego State University.