Bill Text: CA AB2351 | 2017-2018 | Regular Session | Amended
Bill Title: Higher Education Assistance Fund: personal income taxes: additional tax.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-04-16 - In committee: Set, first hearing. Hearing canceled at the request of author. [AB2351 Detail]
Download: California-2017-AB2351-Amended.html
Amended
IN
Assembly
March 19, 2018 |
Assembly Bill | No. 2351 |
Introduced by Assembly Member Eggman |
February 13, 2018 |
LEGISLATIVE COUNSEL'S DIGEST
Existing law authorizes and directs the Governor to execute a compact on behalf of the state with each or all of the 11 western states and the States of Alaska and Hawaii for the purpose of cooperating with those states in the formation of a Western Interstate Commission for Higher Education. Existing law requires that notice of intention to withdraw from the compact be executed and transmitted by the Governor.
This bill would make nonsubstantive changes to those provisions.
Digest Key
Vote:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
Article 4.5 (commencing with Section 69575) is added to Chapter 2 of Part 42 of Division 5 of Title 3 of the Education Code, to read:Article 4.5. Higher Education Assistance Fund
69575.
(a) The Higher Education Assistance Fund is hereby created in the State Treasury to receive all revenues, net of refunds, derived from the tax imposed under Section 17043.5 of the Revenue and Taxation Code. Notwithstanding Section 13340 of the Government Code, moneys in the fund are hereby continuously appropriated to the Student Aid Commission without regard to fiscal years for allocation for the funding of student financial assistance for in-state undergraduate students enrolled at the University of California, the California State University, and the California Community Colleges and who are not subject to nonresident tuition and fees.SEC. 2.
Section 17043.5 is added to the Revenue and Taxation Code, to read:17043.5.
(a) For each taxable year beginning on or after January 1, 2020, in addition to any other taxes imposed by this part, a tax shall be imposed at the rate of 1 percent on that portion of a taxpayer’s taxable income in excess of one million dollars ($1,000,000).SEC. 3.
Section 19602.6 is added to the Revenue and Taxation Code, to read:19602.6.
(a) The estimated revenue from the additional tax imposed under Section 17043.5 for the applicable fiscal year, as determined under subparagraph (B) of paragraph (3) of subdivision (c), shall be deposited to the Higher Education Assistance Fund (HEA Fund) on a monthly basis, subject to an annual adjustment as described in this section.Tax Year | Estimated Tax Liability Increase From The Additional Tax |
2021 | $____ |
2022 | $____ |
2023 | $____ |
2024 | $____ |
Applicable Fiscal
Year | Estimated Revenue From Additional Tax |
2020–21 | $____ |
2021–22 | $____ |
2022–23 | $____ |
2023–24 | $____ |
SEC. 4.
The provisions of this act shall only become operative if Assembly Constitutional Amendment 13 of the 2017–18 Regular Session is approved by the voters and becomes operative.The Governor is hereby authorized and directed to execute a compact on behalf of the state with each or all of the 11 western states and the States of Alaska and Hawaii for the purpose of cooperating with those states in the formation of a Western Interstate Commission for Higher Education. Notice of intention to withdraw from
the compact shall be executed and transmitted by the Governor.