Bill Text: CA AB1606 | 2019-2020 | Regular Session | Introduced
Bill Title: University of California: school of medicine: San Joaquin Valley Regional Campus Medical Education Endowment Fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2020-02-03 - Died on third reading file. [AB1606 Detail]
Download: California-2019-AB1606-Introduced.html
CALIFORNIA LEGISLATURE—
2019–2020 REGULAR SESSION
| Assembly Bill | No. 1606 |
| Introduced by Assembly Member Gray |
February 22, 2019 |
An act to add Section 92163 to the Education Code, and to add Section 17201.2 to the Revenue and Taxation Code, relating to the University of California, and declaring the urgency thereof, to take effect immediately.
LEGISLATIVE COUNSEL'S DIGEST
AB 1606, as introduced, Gray.
University of California: school of medicine: San Joaquin Valley Regional Campus Medical Education Endowment Fund.
Existing law creates the University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund for the purpose of supporting the annual operating costs for the development, operation, and maintenance of a branch campus of the University of California, San Francisco, School of Medicine in the San Joaquin Valley, as specified. Existing law provides that moneys in the fund shall not be expended on the development, operation, or maintenance of the branch campus until the State Controller determines a sufficient balance of $500,000,000 is achieved and maihe extent of the gains from those transactions.
This bill, for taxable years beginning on or after January 1, 2019, would disallow that deduction and would require the State Controller to transfer from the General Fund to the University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund the amount, as estimated by the Franchise Tax Board
in consultation with the Department of Finance, received by the state as a result of the elimination of that deduction until the amount of $500,000,000 has been reached in the latter fund.
This bill would declare that it is to take effect immediately as an urgency statute.
Digest Key
Vote: 2/3 Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 92163 is added to the Education Code, to read:92163.
(a) The State Controller shall transfer from the General Fund to the University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund an amount equal to the annual estimate of the revenues derived from the disallowance of the deduction pursuant to Section 17201.2 of the Revenue and Taxation Code, until the amount of five hundred million dollars ($500,000,000) has been reached in the latter fund.(b) For the purposes of subdivision (a), the Franchise Tax Board, in consultation with the Department of Finance, shall estimate and annually report to the State Controller the amount of revenue derived from the disallowance of the deduction pursuant to Section 17201.2 of the Revenue and Taxation
Code.
SEC. 2.
Section 17201.2 is added to the Revenue and Taxation Code, to read:17201.2.
For taxable years beginning on or after January 1, 2019, Section 165(d) of the Internal Revenue Code, relating to wagering losses, shall not apply.SEC. 3.
This act is an urgency statute necessary for the immediate preservation of the public peace, health, or safety within the meaning of Article IV of the California Constitution and shall go into immediate effect. The facts constituting the necessity are:Residents of the San Joaquin Valley in California lack access to trained medical providers for their immediate health care needs due to the need for more trained medical professionals in the area.
