(a)Section 63 of the Internal Revenue Code, relating to…#
(a) Section 63 of the Internal Revenue Code, relating to taxable income defined, shall apply, except as otherwise provided.
(b)The deduction allowed by Section 17208.1, relating to…#
(b) The deduction allowed by Section 17208.1, relating to interest on loans or financed indebtedness obtained from a publicly owned utility for the purchase and installation of energy efficient products or equipment, may not be treated as a miscellaneous itemized deduction under Section 67(a) of the Internal Revenue Code, relating to the 2-percent floor on miscellaneous deductions.
(c)For individuals who do not itemize deductions, the…#
(c) For individuals who do not itemize deductions, the standard deduction computed in accordance with Section 17073.5 shall be allowed as a deduction in computing taxable income.
(Amended by Stats. 2002, Ch. 664, Sec. 202. Effective January 1, 2003.)