CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 1590Introduced by Assembly Member Blanca RubioFebruary 22, 2019 An act relating to taxation. LEGISLATIVE COUNSEL'S DIGESTAB 1590, as introduced, Blanca Rubio. Personal income tax: homeownership savings accounts.The Personal Income Tax Law, in conformity with federal income tax law, allows various exclusions from gross income, including an exclusion from gross income of the qualified distributions or earnings from a qualified tuition program. The Internal Revenue Code defines a qualified tuition program as a tax-exempt program in which a person may make contributions to an account which is established for the purpose of meeting the qualified higher education expenses, as defined, of the designated beneficiary.This bill would state that it is the intent of the Legislature to enact legislation to establish a tax-advantaged homeownership savings account plan to encourage people to save and achieve homeownership.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. It is the intent of the Legislature to enact legislation to establish a tax-advantaged homeownership savings account plan to encourage people to save and achieve homeownership.
CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 1590Introduced by Assembly Member Blanca RubioFebruary 22, 2019 An act relating to taxation. LEGISLATIVE COUNSEL'S DIGESTAB 1590, as introduced, Blanca Rubio. Personal income tax: homeownership savings accounts.The Personal Income Tax Law, in conformity with federal income tax law, allows various exclusions from gross income, including an exclusion from gross income of the qualified distributions or earnings from a qualified tuition program. The Internal Revenue Code defines a qualified tuition program as a tax-exempt program in which a person may make contributions to an account which is established for the purpose of meeting the qualified higher education expenses, as defined, of the designated beneficiary.This bill would state that it is the intent of the Legislature to enact legislation to establish a tax-advantaged homeownership savings account plan to encourage people to save and achieve homeownership.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION
Assembly Bill No. 1590
Introduced by Assembly Member Blanca RubioFebruary 22, 2019
Introduced by Assembly Member Blanca Rubio
February 22, 2019
An act relating to taxation.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 1590, as introduced, Blanca Rubio. Personal income tax: homeownership savings accounts.
The Personal Income Tax Law, in conformity with federal income tax law, allows various exclusions from gross income, including an exclusion from gross income of the qualified distributions or earnings from a qualified tuition program. The Internal Revenue Code defines a qualified tuition program as a tax-exempt program in which a person may make contributions to an account which is established for the purpose of meeting the qualified higher education expenses, as defined, of the designated beneficiary.This bill would state that it is the intent of the Legislature to enact legislation to establish a tax-advantaged homeownership savings account plan to encourage people to save and achieve homeownership.
The Personal Income Tax Law, in conformity with federal income tax law, allows various exclusions from gross income, including an exclusion from gross income of the qualified distributions or earnings from a qualified tuition program. The Internal Revenue Code defines a qualified tuition program as a tax-exempt program in which a person may make contributions to an account which is established for the purpose of meeting the qualified higher education expenses, as defined, of the designated beneficiary.
This bill would state that it is the intent of the Legislature to enact legislation to establish a tax-advantaged homeownership savings account plan to encourage people to save and achieve homeownership.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. It is the intent of the Legislature to enact legislation to establish a tax-advantaged homeownership savings account plan to encourage people to save and achieve homeownership.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. It is the intent of the Legislature to enact legislation to establish a tax-advantaged homeownership savings account plan to encourage people to save and achieve homeownership.
SECTION 1. It is the intent of the Legislature to enact legislation to establish a tax-advantaged homeownership savings account plan to encourage people to save and achieve homeownership.
SECTION 1. It is the intent of the Legislature to enact legislation to establish a tax-advantaged homeownership savings account plan to encourage people to save and achieve homeownership.
### SECTION 1.