California Assembly Bill AB2528 Latest Draft

 BILL NUMBER: AB 2528AMENDED BILL TEXT AMENDED IN SENATE JUNE 24, 2010 AMENDED IN ASSEMBLY MAY 5, 2010 INTRODUCED BY Assembly Member Knight (Coauthors: Assembly Members Adams, DeVore, Gilmore, Jeffries, Logue, Norby, and Portantino) (Coauthor: Senator Runner) FEBRUARY 19, 2010 An act to add Sections 17071.5 and  24303   24304  to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. LEGISLATIVE COUNSEL'S DIGEST AB 2528, as amended, Knight. Income and corporation taxes: gross income: exclusion: cash for clunkers. The Personal Income Tax Law and the Corporation Tax Law define gross income as all income from whatever source derived, unless specifically excluded. This bill would, under both laws, exclude from the computation of gross income any voucher issued or specified payment made pursuant to the federal Consumer Assistance to Recycle and Save Act of 2009 received as a result of a purchase of a vehicle described in that act. This bill would make a legislative finding and declaration that it serves a public  purpose  , as specified. This bill would take effect immediately as a tax levy. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 17071.5 is added to the Revenue and Taxation Code, to read: 17071.5. Without regard to taxable year, a voucher issued under the federal Consumer Assistance to Recycle and Save Act of 2009 (Public Law 111-32 as amended by Public Law 111-47) or any payment made pursuant to Section 1302(a)(3) of that act shall not be considered as gross income of the purchaser of a vehicle for purposes of this part. SEC. 2. Section  24303   24304  is added to the Revenue and Taxation Code, to read:  24303.   24304.  Without regard to taxable year, a voucher issued under the federal Consumer Assistance to Recycle and Save Act of 2009 (Public Law 111-32 as amended by Public Law 111-47) or any payment made pursuant to Section 1302(a)(3) of that act shall not be considered as gross income of the purchaser of a vehicle for purposes of this part. SEC. 3. The Legislature finds and declares that this act is necessary for the public purpose of providing for the equitable treatment of taxpayers and in furtherance of the purposes the federal Consumers Assistance to Recycle and Save Act of 2009. SEC. 4. This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.