Bill Text: CA AB1590 | 2019-2020 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Personal income tax: credit: qualified first-time homebuyer.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Vetoed) 2020-01-21 - Consideration of Governor's veto stricken from file. [AB1590 Detail]

Download: California-2019-AB1590-Introduced.html


CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill No. 1590


Introduced by Assembly Member Blanca Rubio

February 22, 2019


An act relating to taxation.


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

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.
feedback