California 2017-2018 Regular Session

California Assembly Bill AB2039 Compare Versions

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1-Amended IN Assembly March 21, 2018 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 2039Introduced by Assembly Member FongFebruary 06, 2018 An act to amend Section 17072 of, and to add and repeal Section 17208 to, the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. LEGISLATIVE COUNSEL'S DIGESTAB 2039, as amended, Fong. Personal income taxes: deductions: CalABLE contributions.The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions from gross income in computing adjusted gross income under that law, including deductions for payments to individual retirement accounts, alimony payments, and interest on educational loans. Existing federal law, the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act), encourages and assists individuals and families to save private funds for the purpose of supporting persons with disabilities to maintain their health, independence, and quality of life by excluding from gross income distributions used for qualified disability expenses by a beneficiary of a qualified ABLE program established and maintained by a state, as specified. The Personal Income Tax Law conforms to these federal tax provisions.This bill, for each taxable year beginning on or after January 1, 2018, and before January 1, 2023, would allow a deduction in computing adjusted gross income in an amount equal to the amount contributed by a taxpayer during the taxable year to a CalABLE account. This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 17072 of the Revenue and Taxation Code is amended to read:17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.SEC. 2. Section 17208 is added to the Revenue and Taxation Code, to read:17208. (a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.(b) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
1+CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 2039Introduced by Assembly Member FongFebruary 06, 2018 An act to amend Section 17072 of, and to add Section 17208 to, the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. LEGISLATIVE COUNSEL'S DIGESTAB 2039, as introduced, Fong. Personal income taxes: deductions: CalABLE contributions.The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions from gross income in computing adjusted gross income under that law, including deductions for payments to individual retirement accounts, alimony payments, and interest on educational loans. Existing federal law, the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act), encourages and assists individuals and families to save private funds for the purpose of supporting persons with disabilities to maintain their health, independence, and quality of life by excluding from gross income distributions used for qualified disability expenses by a beneficiary of a qualified ABLE program established and maintained by a state, as specified. The Personal Income Tax Law conforms to these federal tax provisions.This bill, for each taxable year beginning on or after January 1, 2018, would allow a deduction in computing adjusted gross income in an amount equal to the amount contributed by a taxpayer during the taxable year to a CalABLE account. This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 17072 of the Revenue and Taxation Code is amended to read:17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.SEC. 2. Section 17208 is added to the Revenue and Taxation Code, to read:17208. For each taxable year beginning on or after January 1, 2018, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
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3- Amended IN Assembly March 21, 2018 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 2039Introduced by Assembly Member FongFebruary 06, 2018 An act to amend Section 17072 of, and to add and repeal Section 17208 to, the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. LEGISLATIVE COUNSEL'S DIGESTAB 2039, as amended, Fong. Personal income taxes: deductions: CalABLE contributions.The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions from gross income in computing adjusted gross income under that law, including deductions for payments to individual retirement accounts, alimony payments, and interest on educational loans. Existing federal law, the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act), encourages and assists individuals and families to save private funds for the purpose of supporting persons with disabilities to maintain their health, independence, and quality of life by excluding from gross income distributions used for qualified disability expenses by a beneficiary of a qualified ABLE program established and maintained by a state, as specified. The Personal Income Tax Law conforms to these federal tax provisions.This bill, for each taxable year beginning on or after January 1, 2018, and before January 1, 2023, would allow a deduction in computing adjusted gross income in an amount equal to the amount contributed by a taxpayer during the taxable year to a CalABLE account. This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
3+ CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 2039Introduced by Assembly Member FongFebruary 06, 2018 An act to amend Section 17072 of, and to add Section 17208 to, the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. LEGISLATIVE COUNSEL'S DIGESTAB 2039, as introduced, Fong. Personal income taxes: deductions: CalABLE contributions.The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions from gross income in computing adjusted gross income under that law, including deductions for payments to individual retirement accounts, alimony payments, and interest on educational loans. Existing federal law, the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act), encourages and assists individuals and families to save private funds for the purpose of supporting persons with disabilities to maintain their health, independence, and quality of life by excluding from gross income distributions used for qualified disability expenses by a beneficiary of a qualified ABLE program established and maintained by a state, as specified. The Personal Income Tax Law conforms to these federal tax provisions.This bill, for each taxable year beginning on or after January 1, 2018, would allow a deduction in computing adjusted gross income in an amount equal to the amount contributed by a taxpayer during the taxable year to a CalABLE account. This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
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5- Amended IN Assembly March 21, 2018
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7-Amended IN Assembly March 21, 2018
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7+
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99 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
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1111 Assembly Bill No. 2039
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1313 Introduced by Assembly Member FongFebruary 06, 2018
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1515 Introduced by Assembly Member Fong
1616 February 06, 2018
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18- An act to amend Section 17072 of, and to add and repeal Section 17208 to, the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
18+ An act to amend Section 17072 of, and to add Section 17208 to, the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
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2020 LEGISLATIVE COUNSEL'S DIGEST
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2222 ## LEGISLATIVE COUNSEL'S DIGEST
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24-AB 2039, as amended, Fong. Personal income taxes: deductions: CalABLE contributions.
24+AB 2039, as introduced, Fong. Personal income taxes: deductions: CalABLE contributions.
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26-The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions from gross income in computing adjusted gross income under that law, including deductions for payments to individual retirement accounts, alimony payments, and interest on educational loans. Existing federal law, the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act), encourages and assists individuals and families to save private funds for the purpose of supporting persons with disabilities to maintain their health, independence, and quality of life by excluding from gross income distributions used for qualified disability expenses by a beneficiary of a qualified ABLE program established and maintained by a state, as specified. The Personal Income Tax Law conforms to these federal tax provisions.This bill, for each taxable year beginning on or after January 1, 2018, and before January 1, 2023, would allow a deduction in computing adjusted gross income in an amount equal to the amount contributed by a taxpayer during the taxable year to a CalABLE account. This bill would take effect immediately as a tax levy.
26+The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions from gross income in computing adjusted gross income under that law, including deductions for payments to individual retirement accounts, alimony payments, and interest on educational loans. Existing federal law, the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act), encourages and assists individuals and families to save private funds for the purpose of supporting persons with disabilities to maintain their health, independence, and quality of life by excluding from gross income distributions used for qualified disability expenses by a beneficiary of a qualified ABLE program established and maintained by a state, as specified. The Personal Income Tax Law conforms to these federal tax provisions.This bill, for each taxable year beginning on or after January 1, 2018, would allow a deduction in computing adjusted gross income in an amount equal to the amount contributed by a taxpayer during the taxable year to a CalABLE account. This bill would take effect immediately as a tax levy.
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2828 The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions from gross income in computing adjusted gross income under that law, including deductions for payments to individual retirement accounts, alimony payments, and interest on educational loans.
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3030 Existing federal law, the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act), encourages and assists individuals and families to save private funds for the purpose of supporting persons with disabilities to maintain their health, independence, and quality of life by excluding from gross income distributions used for qualified disability expenses by a beneficiary of a qualified ABLE program established and maintained by a state, as specified.
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3232 The Personal Income Tax Law conforms to these federal tax provisions.
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34-This bill, for each taxable year beginning on or after January 1, 2018, and before January 1, 2023, would allow a deduction in computing adjusted gross income in an amount equal to the amount contributed by a taxpayer during the taxable year to a CalABLE account.
34+This bill, for each taxable year beginning on or after January 1, 2018, would allow a deduction in computing adjusted gross income in an amount equal to the amount contributed by a taxpayer during the taxable year to a CalABLE account.
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3636 This bill would take effect immediately as a tax levy.
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3838 ## Digest Key
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4040 ## Bill Text
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42-The people of the State of California do enact as follows:SECTION 1. Section 17072 of the Revenue and Taxation Code is amended to read:17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.SEC. 2. Section 17208 is added to the Revenue and Taxation Code, to read:17208. (a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.(b) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
42+The people of the State of California do enact as follows:SECTION 1. Section 17072 of the Revenue and Taxation Code is amended to read:17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.SEC. 2. Section 17208 is added to the Revenue and Taxation Code, to read:17208. For each taxable year beginning on or after January 1, 2018, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
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4444 The people of the State of California do enact as follows:
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4646 ## The people of the State of California do enact as follows:
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48-SECTION 1. Section 17072 of the Revenue and Taxation Code is amended to read:17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.
48+SECTION 1. Section 17072 of the Revenue and Taxation Code is amended to read:17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.
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5050 SECTION 1. Section 17072 of the Revenue and Taxation Code is amended to read:
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5252 ### SECTION 1.
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54-17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.
54+17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.
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56-17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.
56+17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.
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58-17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.
58+17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.(b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.(c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.(d) Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.
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6262 17072. (a) Section 62 of the Internal Revenue Code, relating to adjusted gross income defined, shall apply, except as otherwise provided.
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6464 (b) Section 62(a)(2)(D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers, shall not apply.
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6666 (c) Section 62(a)(21) of the Internal Revenue Code, relating to attorneys fees relating to awards to whistleblowers, shall not apply.
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68-(d) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.
68+(d) Section 62(a) of the Internal Revenue Code, relating to general rule, is modified to provide that the deduction under Section 17208 shall be allowed in determining adjusted gross income.
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70-SEC. 2. Section 17208 is added to the Revenue and Taxation Code, to read:17208. (a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.(b) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
70+SEC. 2. Section 17208 is added to the Revenue and Taxation Code, to read:17208. For each taxable year beginning on or after January 1, 2018, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.
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7272 SEC. 2. Section 17208 is added to the Revenue and Taxation Code, to read:
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7474 ### SEC. 2.
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76-17208. (a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.(b) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
76+17208. For each taxable year beginning on or after January 1, 2018, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.
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78-17208. (a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.(b) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
78+17208. For each taxable year beginning on or after January 1, 2018, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.
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80-17208. (a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.(b) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
80+17208. For each taxable year beginning on or after January 1, 2018, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.
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84-17208. (a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2023, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.
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86-(b) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
84+17208. For each taxable year beginning on or after January 1, 2018, there shall be allowed as a deduction an amount equal to the amount contributed during the taxable year by a taxpayer to a CalABLE account established pursuant to Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code.
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8886 SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
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9088 SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
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9290 SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
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9492 ### SEC. 3.