Bill Text: CA AB14 | 2023-2024 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Personal Income Tax: credit: childcare costs.

Spectrum: Partisan Bill (Republican 10-0)

Status: (Failed) 2024-02-01 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB14 Detail]

Download: California-2023-AB14-Introduced.html

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CALIFORNIA LEGISLATURE— 2023–2024 REGULAR SESSION

Assembly Bill

No. 14

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Introduced by Assembly Member Davies
(Coauthors: Assembly Members Alanis, Chen, Dixon, Essayli, Vince Fong, Mathis, Sanchez, and Ta)

December 05, 2022

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An act relating to taxation.

LEGISLATIVE COUNSEL'S DIGEST

AB 14, as introduced, Davies. Income tax: childcare savings and investment accounts.

The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally define “gross income” as income from whatever source derived, except as specifically excluded. Those laws also provide various exclusions and deductions from gross income, including exclusions and deductions for specified contributions to health savings accounts and medical savings accounts, as defined.

This bill would state the intention of the Legislature to enact legislation that would establish similar tax-preferred savings and investment accounts for childcare expenses.

Digest Key

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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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 that would provide for tax-preferred childcare savings and investment accounts to allow families to save for childcare expenses, often one of the largest expenses for a family.