BILL NUMBER: AB 1175INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Fletcher (Coauthor: Assembly Member Perea) FEBRUARY 18, 2011 An act to add Section 19304 Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 1175, as introduced, Fletcher. Franchise Tax Board: refunds: direct deposit: 529 savings account. Existing law requires the Franchise Tax Board to make a refund to a taxpayer of any overpayment of taxes. Existing law requires the Franchise Tax Board to revise the returns to allow a taxpayer to designate financial institutions for direct deposit of a refund. This bill would require the Franchise Tax Board to revise returns to allow a taxpayer to designate a 529 college savings account for direct deposit of the taxpayer's refund. 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 19304 is added to the Revenue and Taxation Code, to read: 19304. The Franchise Tax Board shall revise returns required to be filed, pursuant to Article 1 (commencing with Section 18501) of Chapter 2 of Part 10.2 of Division 2 to allow a taxpayer, who is an individual, to designate a 529 college savings account, as provided in Section 529 of the Internal Revenue Code, for direct deposit of the taxpayer's refund.