The Golden State Scholarshare Trust Act establishes the Golden State Scholarshare Trust, under the administration of the Scholarshare Investment Board, to provide financial aid for postsecondary education costs of participating students. The act requires the board to segregate moneys received by the trust into 2 funds, one of which is the administrative fund. Existing law requires the funds in the administrative fund to be available for expenditure, upon appropriation by the Legislature, for specified purposes. This bill would expand the purpose for which funds in the administrative fund can be expended, to include reimbursement of the Franchise Tax Board's actual cost of implementing and maintaining a specified designation on the form of the return. The Personal Income Tax Law imposes taxes on taxable income which are administered by the Franchise Tax Board. Existing law authorizes taxpayers to contribute amounts in excess of their tax liability for the support of specified funds. This bill would, until December 31, 2014, authorize a taxpayer to designate on his or her tax return that a contribution in excess of tax liability, as specified, be deposited by the Franchise Tax Board into a qualified tuition program account, as specified. This bill would require the Franchise Tax Board to revise the form of the return to include the necessary information that will allow a taxpayer to make this designation, as provided. This bill would require the Scholarshare Investment Board to reimburse the Franchise Tax Board for the actual cost of implementing and maintaining this designation on the form of the return, as provided.
From Assembly without further action.
From committee without further action.
Set, second hearing. Held in committee and under submission.
(Heard in committee on July 6.)
From committee: Do pass as amended, but first amend, and re-refer to Com. on APPR. (Ayes 6. Noes 3.)
To Com. on REV. & TAX.
Read third time. Passed. (Ayes 23. Noes 14. Page 1178.) To Assembly.
In Assembly. Read first time. Held at Desk.
Read second time. Amended. To third reading.
From committee: Do pass as amended. (Ayes 7. Noes 5. Page 1070.)
(Suspense - for vote only.)
Set for hearing May 28.
Placed on APPR suspense file.
Set for hearing May 4.
From committee: Do pass, but first be re-referred to Com. on APPR. (Ayes 5. Noes 2. Page 638.) Re-referred to Com. on APPR.
Set for hearing April 22.
To Com. on REV. & TAX.
From print. May be acted upon on or after March 28.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
|Bill Text Versions||Format|
|02/25/09 - Introduced|
|04/15/09 - Amended Senate|
|06/01/09 - Amended Senate|
|07/15/09 - Amended Assembly|
|No related documents.|
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