- District 8
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 on or after January 1, 2022, and 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 $5,000 or $10,000, 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.
June 20 hearing: Heard for testimony only.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 38. Noes 0.) Ordered to the Assembly.
Ordered to special consent calendar.
Read second time. Ordered to third reading.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 7. Noes 0.) (May 19).
Set for hearing May 19.
May 2 hearing: Placed on APPR suspense file.
Set for hearing May 2.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 0. Page 3460.) (April 20). Re-referred to Com. on APPR.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on GOV. & F.
Set for hearing April 20.
April 21 hearing postponed by committee.
Set for hearing April 21.
(Corrected March 2.)
Article IV Section 8(a) of the Constitution and Joint Rule 55 dispensed with February 7, 2022, suspending the 30 calendar day requirement.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
|Bill Text Versions||Format|
|02/18/22 - Introduced|
|04/18/22 - Amended Senate|
|05/19/22 - Amended Senate|
|04/18/22- Senate Governance and Finance|
|04/29/22- Senate Appropriations|
|05/19/22- Senate Appropriations|
|05/23/22- Sen. Floor Analyses|
|06/17/22- Assembly Revenue and Taxation|
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