Amended IN Assembly May 26, 2022 CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Senate Bill No. 457Introduced by Senators Portantino and Wilk(Principal coauthor: Senator Borgeas)(Coauthor: Senator Archuleta)February 16, 2021An act to add Section 22338 to the Education Code, and to add Section 20140 to the Government Code, relating to retirement. An act to add Section 17053.92 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.LEGISLATIVE COUNSEL'S DIGESTSB 457, as amended, Portantino. Public employee retirement systems: investment portfolios: divestment from Turkey. Personal income taxes: credit: reduction in vehicles.The Personal Income Tax Law allows various credits against the taxes imposed by the law.This bill would, for taxable years beginning on or after January 1, 2023, allow a credit against those taxes in an amount of $2,500 for each household member, as defined, that exceeds the number of registered vehicles, as defined, and would limit the amount of the credit allowed to $7,500.Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements.This bill would provide findings and declarations relating to the goals of this credit.This bill would take effect immediately as a tax levy.The California Constitution grants the retirement board of a public employee retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the retirement fund and system. The California Constitution qualifies this grant of powers by reserving to the Legislature the authority to prohibit investments if it is in the public interest and the prohibition satisfies standards of fiduciary care and loyalty required of a retirement board. Existing law prescribes specified duties for the boards of administration of the Public Employees Retirement System and the State Teachers Retirement System in connection with investment in specified countries and, under certain conditions, limits the authority of the boards to invest in those countries.This bill would require the boards of administration of the Public Employees Retirement System and the State Teachers Retirement System to provide employers that are school districts and cities that participate in the systems an option to elect an investment portfolio that does not contain investment vehicles that are issued or owned by the government of the Republic of Turkey.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 17053.92 is added to the Revenue and Taxation Code, to read:17053.92. (a) For taxable years beginning on or after January 1, 2023, there shall be allowed, subject to subdivision (b), a credit against the net tax, as defined in Section 17039, in an amount of two thousand five hundred dollars ($2,500) for each household member that exceeds the number of registered vehicles.(b) The amount of the credit allowed by this section shall not exceed seven thousand five hundred dollars ($7,500).(c) For purposes of this section:(1) Electric bicycle means a bicycle equipped with fully operable pedals and an electric motor of less than 750 watts.(2) Household member means either of the following with respect to a single tax return:(A) A taxpayer.(B) A person who is at least 16 years of age and claimed as a dependent.(3) Registered vehicle means a vehicle that was registered in any state to a household member, or an entity in which a household member holds a controlling interest, for at least six months of the taxable year for which the credit allowed by this section is claimed.(4) (A) Vehicle means a device by which a person or property may be propelled, moved, or drawn upon a highway, excepting a device moved exclusively by human power or used exclusively upon stationary rails or tracks.(B) Vehicle does not mean an electric bicycle.(d) A taxpayer may claim the credit allowed by this section only on a return in the form determined by the Franchise Tax Board.(e) For the purposes of complying with Section 41, the Legislature finds and declares that the goals of this credit are to incentivize a taxpayer to give up a vehicle or reward people for not using a vehicle.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.SECTION 1.Section 22338 is added to the Education Code, to read:22338.The board shall provide an employer that is a school district an option to elect an investment portfolio that does not contain investment vehicles that are issued or owned by the government of the Republic of Turkey. SEC. 2.Section 20140 is added to the Government Code, to read:20140.The board shall provide a school employer that is a school district or a city participating the system by contract an option to elect an investment portfolio that does not contain investment vehicles that are issued or owned by the government of the Republic of Turkey.
Amended IN Assembly May 26, 2022 CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Senate Bill No. 457Introduced by Senators Portantino and Wilk(Principal coauthor: Senator Borgeas)(Coauthor: Senator Archuleta)February 16, 2021An act to add Section 22338 to the Education Code, and to add Section 20140 to the Government Code, relating to retirement. An act to add Section 17053.92 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.LEGISLATIVE COUNSEL'S DIGESTSB 457, as amended, Portantino. Public employee retirement systems: investment portfolios: divestment from Turkey. Personal income taxes: credit: reduction in vehicles.The Personal Income Tax Law allows various credits against the taxes imposed by the law.This bill would, for taxable years beginning on or after January 1, 2023, allow a credit against those taxes in an amount of $2,500 for each household member, as defined, that exceeds the number of registered vehicles, as defined, and would limit the amount of the credit allowed to $7,500.Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements.This bill would provide findings and declarations relating to the goals of this credit.This bill would take effect immediately as a tax levy.The California Constitution grants the retirement board of a public employee retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the retirement fund and system. The California Constitution qualifies this grant of powers by reserving to the Legislature the authority to prohibit investments if it is in the public interest and the prohibition satisfies standards of fiduciary care and loyalty required of a retirement board. Existing law prescribes specified duties for the boards of administration of the Public Employees Retirement System and the State Teachers Retirement System in connection with investment in specified countries and, under certain conditions, limits the authority of the boards to invest in those countries.This bill would require the boards of administration of the Public Employees Retirement System and the State Teachers Retirement System to provide employers that are school districts and cities that participate in the systems an option to elect an investment portfolio that does not contain investment vehicles that are issued or owned by the government of the Republic of Turkey.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
Amended IN Assembly May 26, 2022
Amended IN Assembly May 26, 2022
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION
Senate Bill
No. 457
Introduced by Senators Portantino and Wilk(Principal coauthor: Senator Borgeas)(Coauthor: Senator Archuleta)February 16, 2021
Introduced by Senators Portantino and Wilk(Principal coauthor: Senator Borgeas)(Coauthor: Senator Archuleta)
February 16, 2021
An act to add Section 22338 to the Education Code, and to add Section 20140 to the Government Code, relating to retirement. An act to add Section 17053.92 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
SB 457, as amended, Portantino. Public employee retirement systems: investment portfolios: divestment from Turkey. Personal income taxes: credit: reduction in vehicles.
The Personal Income Tax Law allows various credits against the taxes imposed by the law.This bill would, for taxable years beginning on or after January 1, 2023, allow a credit against those taxes in an amount of $2,500 for each household member, as defined, that exceeds the number of registered vehicles, as defined, and would limit the amount of the credit allowed to $7,500.Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements.This bill would provide findings and declarations relating to the goals of this credit.This bill would take effect immediately as a tax levy.The California Constitution grants the retirement board of a public employee retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the retirement fund and system. The California Constitution qualifies this grant of powers by reserving to the Legislature the authority to prohibit investments if it is in the public interest and the prohibition satisfies standards of fiduciary care and loyalty required of a retirement board. Existing law prescribes specified duties for the boards of administration of the Public Employees Retirement System and the State Teachers Retirement System in connection with investment in specified countries and, under certain conditions, limits the authority of the boards to invest in those countries.This bill would require the boards of administration of the Public Employees Retirement System and the State Teachers Retirement System to provide employers that are school districts and cities that participate in the systems an option to elect an investment portfolio that does not contain investment vehicles that are issued or owned by the government of the Republic of Turkey.
The Personal Income Tax Law allows various credits against the taxes imposed by the law.
This bill would, for taxable years beginning on or after January 1, 2023, allow a credit against those taxes in an amount of $2,500 for each household member, as defined, that exceeds the number of registered vehicles, as defined, and would limit the amount of the credit allowed to $7,500.
Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements.
This bill would provide findings and declarations relating to the goals of this credit.
This bill would take effect immediately as a tax levy.
The California Constitution grants the retirement board of a public employee retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the retirement fund and system. The California Constitution qualifies this grant of powers by reserving to the Legislature the authority to prohibit investments if it is in the public interest and the prohibition satisfies standards of fiduciary care and loyalty required of a retirement board. Existing law prescribes specified duties for the boards of administration of the Public Employees Retirement System and the State Teachers Retirement System in connection with investment in specified countries and, under certain conditions, limits the authority of the boards to invest in those countries.
This bill would require the boards of administration of the Public Employees Retirement System and the State Teachers Retirement System to provide employers that are school districts and cities that participate in the systems an option to elect an investment portfolio that does not contain investment vehicles that are issued or owned by the government of the Republic of Turkey.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 17053.92 is added to the Revenue and Taxation Code, to read:17053.92. (a) For taxable years beginning on or after January 1, 2023, there shall be allowed, subject to subdivision (b), a credit against the net tax, as defined in Section 17039, in an amount of two thousand five hundred dollars ($2,500) for each household member that exceeds the number of registered vehicles.(b) The amount of the credit allowed by this section shall not exceed seven thousand five hundred dollars ($7,500).(c) For purposes of this section:(1) Electric bicycle means a bicycle equipped with fully operable pedals and an electric motor of less than 750 watts.(2) Household member means either of the following with respect to a single tax return:(A) A taxpayer.(B) A person who is at least 16 years of age and claimed as a dependent.(3) Registered vehicle means a vehicle that was registered in any state to a household member, or an entity in which a household member holds a controlling interest, for at least six months of the taxable year for which the credit allowed by this section is claimed.(4) (A) Vehicle means a device by which a person or property may be propelled, moved, or drawn upon a highway, excepting a device moved exclusively by human power or used exclusively upon stationary rails or tracks.(B) Vehicle does not mean an electric bicycle.(d) A taxpayer may claim the credit allowed by this section only on a return in the form determined by the Franchise Tax Board.(e) For the purposes of complying with Section 41, the Legislature finds and declares that the goals of this credit are to incentivize a taxpayer to give up a vehicle or reward people for not using a vehicle.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.SECTION 1.Section 22338 is added to the Education Code, to read:22338.The board shall provide an employer that is a school district an option to elect an investment portfolio that does not contain investment vehicles that are issued or owned by the government of the Republic of Turkey. SEC. 2.Section 20140 is added to the Government Code, to read:20140.The board shall provide a school employer that is a school district or a city participating the system by contract an option to elect an investment portfolio that does not contain investment vehicles that are issued or owned by the government of the Republic of Turkey.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 17053.92 is added to the Revenue and Taxation Code, to read:17053.92. (a) For taxable years beginning on or after January 1, 2023, there shall be allowed, subject to subdivision (b), a credit against the net tax, as defined in Section 17039, in an amount of two thousand five hundred dollars ($2,500) for each household member that exceeds the number of registered vehicles.(b) The amount of the credit allowed by this section shall not exceed seven thousand five hundred dollars ($7,500).(c) For purposes of this section:(1) Electric bicycle means a bicycle equipped with fully operable pedals and an electric motor of less than 750 watts.(2) Household member means either of the following with respect to a single tax return:(A) A taxpayer.(B) A person who is at least 16 years of age and claimed as a dependent.(3) Registered vehicle means a vehicle that was registered in any state to a household member, or an entity in which a household member holds a controlling interest, for at least six months of the taxable year for which the credit allowed by this section is claimed.(4) (A) Vehicle means a device by which a person or property may be propelled, moved, or drawn upon a highway, excepting a device moved exclusively by human power or used exclusively upon stationary rails or tracks.(B) Vehicle does not mean an electric bicycle.(d) A taxpayer may claim the credit allowed by this section only on a return in the form determined by the Franchise Tax Board.(e) For the purposes of complying with Section 41, the Legislature finds and declares that the goals of this credit are to incentivize a taxpayer to give up a vehicle or reward people for not using a vehicle.
SECTION 1. Section 17053.92 is added to the Revenue and Taxation Code, to read:
### SECTION 1.
17053.92. (a) For taxable years beginning on or after January 1, 2023, there shall be allowed, subject to subdivision (b), a credit against the net tax, as defined in Section 17039, in an amount of two thousand five hundred dollars ($2,500) for each household member that exceeds the number of registered vehicles.(b) The amount of the credit allowed by this section shall not exceed seven thousand five hundred dollars ($7,500).(c) For purposes of this section:(1) Electric bicycle means a bicycle equipped with fully operable pedals and an electric motor of less than 750 watts.(2) Household member means either of the following with respect to a single tax return:(A) A taxpayer.(B) A person who is at least 16 years of age and claimed as a dependent.(3) Registered vehicle means a vehicle that was registered in any state to a household member, or an entity in which a household member holds a controlling interest, for at least six months of the taxable year for which the credit allowed by this section is claimed.(4) (A) Vehicle means a device by which a person or property may be propelled, moved, or drawn upon a highway, excepting a device moved exclusively by human power or used exclusively upon stationary rails or tracks.(B) Vehicle does not mean an electric bicycle.(d) A taxpayer may claim the credit allowed by this section only on a return in the form determined by the Franchise Tax Board.(e) For the purposes of complying with Section 41, the Legislature finds and declares that the goals of this credit are to incentivize a taxpayer to give up a vehicle or reward people for not using a vehicle.
17053.92. (a) For taxable years beginning on or after January 1, 2023, there shall be allowed, subject to subdivision (b), a credit against the net tax, as defined in Section 17039, in an amount of two thousand five hundred dollars ($2,500) for each household member that exceeds the number of registered vehicles.(b) The amount of the credit allowed by this section shall not exceed seven thousand five hundred dollars ($7,500).(c) For purposes of this section:(1) Electric bicycle means a bicycle equipped with fully operable pedals and an electric motor of less than 750 watts.(2) Household member means either of the following with respect to a single tax return:(A) A taxpayer.(B) A person who is at least 16 years of age and claimed as a dependent.(3) Registered vehicle means a vehicle that was registered in any state to a household member, or an entity in which a household member holds a controlling interest, for at least six months of the taxable year for which the credit allowed by this section is claimed.(4) (A) Vehicle means a device by which a person or property may be propelled, moved, or drawn upon a highway, excepting a device moved exclusively by human power or used exclusively upon stationary rails or tracks.(B) Vehicle does not mean an electric bicycle.(d) A taxpayer may claim the credit allowed by this section only on a return in the form determined by the Franchise Tax Board.(e) For the purposes of complying with Section 41, the Legislature finds and declares that the goals of this credit are to incentivize a taxpayer to give up a vehicle or reward people for not using a vehicle.
17053.92. (a) For taxable years beginning on or after January 1, 2023, there shall be allowed, subject to subdivision (b), a credit against the net tax, as defined in Section 17039, in an amount of two thousand five hundred dollars ($2,500) for each household member that exceeds the number of registered vehicles.(b) The amount of the credit allowed by this section shall not exceed seven thousand five hundred dollars ($7,500).(c) For purposes of this section:(1) Electric bicycle means a bicycle equipped with fully operable pedals and an electric motor of less than 750 watts.(2) Household member means either of the following with respect to a single tax return:(A) A taxpayer.(B) A person who is at least 16 years of age and claimed as a dependent.(3) Registered vehicle means a vehicle that was registered in any state to a household member, or an entity in which a household member holds a controlling interest, for at least six months of the taxable year for which the credit allowed by this section is claimed.(4) (A) Vehicle means a device by which a person or property may be propelled, moved, or drawn upon a highway, excepting a device moved exclusively by human power or used exclusively upon stationary rails or tracks.(B) Vehicle does not mean an electric bicycle.(d) A taxpayer may claim the credit allowed by this section only on a return in the form determined by the Franchise Tax Board.(e) For the purposes of complying with Section 41, the Legislature finds and declares that the goals of this credit are to incentivize a taxpayer to give up a vehicle or reward people for not using a vehicle.
17053.92. (a) For taxable years beginning on or after January 1, 2023, there shall be allowed, subject to subdivision (b), a credit against the net tax, as defined in Section 17039, in an amount of two thousand five hundred dollars ($2,500) for each household member that exceeds the number of registered vehicles.
(b) The amount of the credit allowed by this section shall not exceed seven thousand five hundred dollars ($7,500).
(c) For purposes of this section:
(1) Electric bicycle means a bicycle equipped with fully operable pedals and an electric motor of less than 750 watts.
(2) Household member means either of the following with respect to a single tax return:
(A) A taxpayer.
(B) A person who is at least 16 years of age and claimed as a dependent.
(3) Registered vehicle means a vehicle that was registered in any state to a household member, or an entity in which a household member holds a controlling interest, for at least six months of the taxable year for which the credit allowed by this section is claimed.
(4) (A) Vehicle means a device by which a person or property may be propelled, moved, or drawn upon a highway, excepting a device moved exclusively by human power or used exclusively upon stationary rails or tracks.
(B) Vehicle does not mean an electric bicycle.
(d) A taxpayer may claim the credit allowed by this section only on a return in the form determined by the Franchise Tax Board.
(e) For the purposes of complying with Section 41, the Legislature finds and declares that the goals of this credit are to incentivize a taxpayer to give up a vehicle or reward people for not using a vehicle.
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.
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.
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.
### SEC. 2.
The board shall provide an employer that is a school district an option to elect an investment portfolio that does not contain investment vehicles that are issued or owned by the government of the Republic of Turkey.
The board shall provide a school employer that is a school district or a city participating the system by contract an option to elect an investment portfolio that does not contain investment vehicles that are issued or owned by the government of the Republic of Turkey.