California 2017-2018 Regular Session

California Assembly Bill AB461 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	Assembly Bill No. ~~461 CHAPTER 525~~ An act to amend Section 17132.11 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. ~~[ Approved by Governor October 06, 2017. Filed with Secretary of State October 06, 2017. ]~~ LEGISLATIVE COUNSEL'S DIGESTAB 461, Muratsuchi. Personal income taxes: exclusion: forgiven student loan debt.The Personal Income Tax Law provides various exclusions from gross income in determining tax liability, including an exclusion for the amount of student loan indebtedness repaid or canceled pursuant to a specified federal law, relating to income-based repayment. This bill would, for taxable years beginning on or after January 1, 2017, and before January 1, 2022, revise this exclusion to include student loan indebtedness canceled, pursuant to federal law, that includes other repayment plans.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 17132.11 of the Revenue and Taxation Code is amended to read:17132.11. (a) For taxable years beginning on or after January 1, 2014, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1098e of Title 20 of the United States Code.(b) For taxable years beginning on or after January 1, 2017, and before January 1, 2022, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1087e(e) of Title 20 of the United States Code.SEC. 2. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
	1	+	Enrolled September 15, 2017 Passed IN Senate September 14, 2017 Passed IN Assembly May 31, 2017 Amended IN Assembly May 26, 2017 Amended IN Assembly April 06, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 461Introduced by Assembly Member Muratsuchi(Coauthor: Assembly Member Ridley-Thomas)February 13, 2017 An act to amend Section 17132.11 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. LEGISLATIVE COUNSEL'S DIGESTAB 461, Muratsuchi. Personal income taxes: exclusion: forgiven student loan debt.The Personal Income Tax Law provides various exclusions from gross income in determining tax liability, including an exclusion for the amount of student loan indebtedness repaid or canceled pursuant to a specified federal law, relating to income-based repayment. This bill would, for taxable years beginning on or after January 1, 2017, and before January 1, 2022, revise this exclusion to include student loan indebtedness canceled, pursuant to federal law, that includes other repayment plans.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 17132.11 of the Revenue and Taxation Code is amended to read:17132.11. (a) For taxable years beginning on or after January 1, 2014, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1098e of Title 20 of the United States Code.(b) For taxable years beginning on or after January 1, 2017, and before January 1, 2022, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1087e(e) of Title 20 of the United States Code.SEC. 2. 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		-	Assembly Bill No. 461 CHAPTER 525 An act to amend Section 17132.11 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. [ Approved by Governor October 06, 2017. Filed with Secretary of State October 06, 2017. ] LEGISLATIVE COUNSEL'S DIGESTAB 461, Muratsuchi. Personal income taxes: exclusion: forgiven student loan debt.The Personal Income Tax Law provides various exclusions from gross income in determining tax liability, including an exclusion for the amount of student loan indebtedness repaid or canceled pursuant to a specified federal law, relating to income-based repayment. This bill would, for taxable years beginning on or after January 1, 2017, and before January 1, 2022, revise this exclusion to include student loan indebtedness canceled, pursuant to federal law, that includes other repayment plans.This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
	3	+	Enrolled September 15, 2017 Passed IN Senate September 14, 2017 Passed IN Assembly May 31, 2017 Amended IN Assembly May 26, 2017 Amended IN Assembly April 06, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 461Introduced by Assembly Member Muratsuchi(Coauthor: Assembly Member Ridley-Thomas)February 13, 2017 An act to amend Section 17132.11 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. LEGISLATIVE COUNSEL'S DIGESTAB 461, Muratsuchi. Personal income taxes: exclusion: forgiven student loan debt.The Personal Income Tax Law provides various exclusions from gross income in determining tax liability, including an exclusion for the amount of student loan indebtedness repaid or canceled pursuant to a specified federal law, relating to income-based repayment. This bill would, for taxable years beginning on or after January 1, 2017, and before January 1, 2022, revise this exclusion to include student loan indebtedness canceled, pursuant to federal law, that includes other repayment plans.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	+	Enrolled September 15, 2017 Passed IN Senate September 14, 2017 Passed IN Assembly May 31, 2017 Amended IN Assembly May 26, 2017 Amended IN Assembly April 06, 2017
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	7	+	Enrolled September 15, 2017
	8	+	Passed IN Senate September 14, 2017
	9	+	Passed IN Assembly May 31, 2017
	10	+	Amended IN Assembly May 26, 2017
	11	+	Amended IN Assembly April 06, 2017
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	13	+	CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
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5	15		Assembly Bill No. 461
6		-	CHAPTER 525
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	17	+	Introduced by Assembly Member Muratsuchi(Coauthor: Assembly Member Ridley-Thomas)February 13, 2017
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	19	+	Introduced by Assembly Member Muratsuchi(Coauthor: Assembly Member Ridley-Thomas)
	20	+	February 13, 2017
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8	22		An act to amend Section 17132.11 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
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10		-	[ Approved by Governor October 06, 2017. Filed with Secretary of State October 06, 2017. ]
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12	24		LEGISLATIVE COUNSEL'S DIGEST
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14	26		## LEGISLATIVE COUNSEL'S DIGEST
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16	28		AB 461, Muratsuchi. Personal income taxes: exclusion: forgiven student loan debt.
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18	30		The Personal Income Tax Law provides various exclusions from gross income in determining tax liability, including an exclusion for the amount of student loan indebtedness repaid or canceled pursuant to a specified federal law, relating to income-based repayment. This bill would, for taxable years beginning on or after January 1, 2017, and before January 1, 2022, revise this exclusion to include student loan indebtedness canceled, pursuant to federal law, that includes other repayment plans.This bill would take effect immediately as a tax levy.
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20	32		The Personal Income Tax Law provides various exclusions from gross income in determining tax liability, including an exclusion for the amount of student loan indebtedness repaid or canceled pursuant to a specified federal law, relating to income-based repayment.
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22	34		This bill would, for taxable years beginning on or after January 1, 2017, and before January 1, 2022, revise this exclusion to include student loan indebtedness canceled, pursuant to federal law, that includes other repayment plans.
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24	36		This bill would take effect immediately as a tax levy.
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26	38		## Digest Key
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28	40		## Bill Text
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30	42		The people of the State of California do enact as follows:SECTION 1. Section 17132.11 of the Revenue and Taxation Code is amended to read:17132.11. (a) For taxable years beginning on or after January 1, 2014, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1098e of Title 20 of the United States Code.(b) For taxable years beginning on or after January 1, 2017, and before January 1, 2022, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1087e(e) of Title 20 of the United States Code.SEC. 2. 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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32	44		The people of the State of California do enact as follows:
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34	46		## The people of the State of California do enact as follows:
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36	48		SECTION 1. Section 17132.11 of the Revenue and Taxation Code is amended to read:17132.11. (a) For taxable years beginning on or after January 1, 2014, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1098e of Title 20 of the United States Code.(b) For taxable years beginning on or after January 1, 2017, and before January 1, 2022, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1087e(e) of Title 20 of the United States Code.
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38	50		SECTION 1. Section 17132.11 of the Revenue and Taxation Code is amended to read:
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40	52		### SECTION 1.
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42	54		17132.11. (a) For taxable years beginning on or after January 1, 2014, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1098e of Title 20 of the United States Code.(b) For taxable years beginning on or after January 1, 2017, and before January 1, 2022, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1087e(e) of Title 20 of the United States Code.
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44	56		17132.11. (a) For taxable years beginning on or after January 1, 2014, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1098e of Title 20 of the United States Code.(b) For taxable years beginning on or after January 1, 2017, and before January 1, 2022, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1087e(e) of Title 20 of the United States Code.
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46	58		17132.11. (a) For taxable years beginning on or after January 1, 2014, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1098e of Title 20 of the United States Code.(b) For taxable years beginning on or after January 1, 2017, and before January 1, 2022, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1087e(e) of Title 20 of the United States Code.
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50	62		17132.11. (a) For taxable years beginning on or after January 1, 2014, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1098e of Title 20 of the United States Code.
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52	64		(b) For taxable years beginning on or after January 1, 2017, and before January 1, 2022, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1087e(e) of Title 20 of the United States Code.
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54	66		SEC. 2. 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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56	68		SEC. 2. 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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58	70		SEC. 2. 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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60	72		### SEC. 2.