California Assembly Bill AB2578 Latest Draft

 BILL NUMBER: AB 2578AMENDED BILL TEXT AMENDED IN ASSEMBLY MAY 1, 2012 AMENDED IN ASSEMBLY APRIL 9, 2012 INTRODUCED BY Assembly Member Solorio FEBRUARY 24, 2012 An act to add Section 19534 to the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 2578, as amended, Solorio. Franchise Tax Board: information: tax refund deposits: tax-advantaged savings plans. Existing law requires the Franchise Tax Board to make a refund to a taxpayer of any overpayment of taxes. Existing law authorizes the Franchise Tax Board to electronically deposit a taxpayer's refund into the taxpayer's checking or savings account. This bill would require the Franchise Tax Board to include information on its Internet Web site  ,   and  taxpayer form instructions  ,  and  any other  publications  for taxpayers ,  as defined,  stating that on  those  tax returns, the  individual  taxpayer has the ability or option to directly deposit all or a portion of a tax refund into an account under specified tax-advantaged savings plans. 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 19534 is added to the Revenue and Taxation Code, to read: 19534.  (a)    The Franchise Tax Board shall include information on its Internet Web site  ,   and  taxpayer form instructions  ,  and  any other  publications  for taxpayers  , stating that on returns required to be filed pursuant to Article 1 (commencing with Section 18501) of Chapter 2  of Part 10.2 of Division 2  , the  individual  taxpayer has the ability or option to directly deposit all or a portion of a tax refund into an account under the following tax-advantaged savings plans:  (a)   (1)  A plan that meets the requirements of Section 401 (k) of Title 26 of the United States Code.  (b) A plan that meets the requirements of Section 403(b) of Title 26 of the United States Code.   (c)   (2)  A plan that meets the requirements of Section 457 of Title 26 of the United States Code.  (d)   (3)  A plan that meets the requirements of Section 529 of Title 26 of the United States Code.  (e)   (4)  A  Roth 401(k)   retirement  plan that  includes a qualified Roth contribution program that  meets the requirements of Section 402A of Title 26 of the United States Code.  (f)   (5)  A Roth  IRA  individual retirement  plan that meets the requirements of Section 408A of Title 26 of the United States Code.  (g)   (6)  A simplified employee pension individual retirement arrangement (SEP-IRA) plan that meets the requirements of Section 408(k) of Title 26 of the United States Code.  (h) A savings incentive match plan for employees (SIMPLE) retirement plan that meets the requirements of Section 408(p) of Title 26 of the United States Code.   (i)   (7)  A traditional individual retirement account (traditional IRA) plan that meets the requirements of Section 408 of Title 26 of the United States Code.  (b) For the purposes of subdivision (a), "publications" means Franchise Tax Board publications 737, 776, 1006, 1032, 1095D, and all subsequent versions of those publications.