Bill Sponsor
California Senate Bill 1374
Session 20212022
Personal income taxes: deduction: California qualified tuition program.
Active
Active
Vetoed by Governor on Sep 28, 2022
First Action
Feb 18, 2022
Latest Action
Sep 28, 2022
Origin Chamber
Senate
Type
Bill
Bill Number
1374
State
California
Session
20212022
Sponsorship by Party
Republican
Author
Summary
The Personal Income Tax Law, in modified conformity with federal income tax law, excludes from the gross income of a beneficiary of, or contributor to, a qualified tuition program, which includes a Golden State Scholarshare College Savings Trust, distributions or earnings under that program, as specified. This bill, for taxable years beginning before January 1, 2027, would allow under that law a deduction against gross income in the amount equal to the monetary contribution made by a qualified taxpayer, as defined, to the California qualified tuition program established pursuant to the Golden State Scholarshare Trust Act not to exceed either $1,000 or $2,000, per beneficiary, as provided. The bill would require, with exceptions, in the case of any distribution in excess of qualified higher education expenses, as defined, the aggregate amount of the deduction allowed that reduced the qualified taxpayer's gross income in any taxable year to be added to the gross income of the qualified taxpayer in the taxable year of the distribution, as provided. The bill would provide that the deduction is only operative for taxable years for which an appropriation is made for its purposes in the annual Budget Act or other statute. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill would also include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.
Documents (10)
Sources
Record Created
Feb 19, 2022 12:17:57 PM
Record Updated
Nov 18, 2022 12:24:48 PM