California Assembly Bill AB1175 Latest Draft

 BILL NUMBER: AB 1175AMENDED BILL TEXT AMENDED IN SENATE JUNE 20, 2011 AMENDED IN ASSEMBLY MAY 4, 2011 AMENDED IN ASSEMBLY APRIL 15, 2011 INTRODUCED BY Assembly Member Fletcher (Coauthor: Assembly Member Perea) FEBRUARY 18, 2011 An act to add Section 19304 to the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 1175, as amended, Fletcher. Franchise Tax Board: refunds: direct deposit: taxpayer form instructions. Existing law requires the Franchise Tax Board to make a refund to a taxpayer of any overpayment of taxes. Existing law authorizes taxpayers to contribute their refunds for the support of specified funds or accounts. This bill would require the Franchise Tax Board to revise taxpayer form instructions  for tax returns  to include  information about  the ability of a taxpayer to directly deposit a portion of a refund into the Golden State Scholarshare College Savings Trust, as defined. This bill would require the Scholarshare Investment Board to provide the Franchise Tax Board with a description of that trust program before a date specified by the Franchise Tax Board, and that the revisions be completed in the most cost-effective manner. 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. (a) The Franchise Tax Board shall revise taxpayer form  instructions   instructions, for returns required to be filed, pursuant to Article 1 (commencing with Section 18501) of Chapter 2 of Part 10.2 of Division 2,  to include information about split refund options, including, but not limited to, the ability of a taxpayer to directly deposit a portion of the refund into the Golden State Scholarshare College Savings Trust. (b) The Scholarshare Investment Board shall provide the Franchise Tax Board with a description of the Golden State Scholarshare College Savings Trust on or before a specified date provided by the Franchise Tax Board. The length of the description shall be five lines or less. (c) The Franchise Tax Board shall revise the taxpayer form instruction in the most cost-effective manner. (d) For purposes of this section, "Golden State Scholarshare College Savings Trust" has the meaning set forth in subdivision (e) of Section 69980 of the Education Code.