Bill Text: CA AB529 | 2009-2010 | Regular Session | Introduced

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Bill Title: Income tax: Golden State Scholarshare Savings Trust.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-02-02 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB529 Detail]

Download: California-2009-AB529-Introduced.html

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BILL NUMBER: AB 529	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Blumenfield

                        FEBRUARY 25, 2009

   An act to add Section 17216 to the Revenue and Taxation Code,
relating to taxation, to take effect immediately, tax levy.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 529, as introduced, Blumenfield. Income tax: Golden State
Scholarshare Savings Trust.
   The Personal Income Tax Law authorizes various deductions in
computing income that is subject to tax under that law.
   This bill would, for taxable years beginning on or after January
1, 2010, authorize a deduction under that law for the amount, not to
exceed $5,000 or $2,500, as specified, contributed to the Golden
State Scholarshare Savings Trust during the taxable year.
   This bill would take effect immediately as a tax levy, but its
operative date would depend upon specified factors.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 17216 is added to the Revenue and Taxation
Code, to read:
   17216.  (a) For each taxable year beginning on or after January 1,
2010, there shall be allowed as a deduction, subject to subdivision
(b), an amount equal to the amount of contributions made by a
taxpayer for the taxable year to the Golden State Scholarshare
Savings Trust, as defined by Section 69981 of the Education Code.
   (b) (1) For married couples filing joint returns, heads of
household, and surviving spouses, as defined in Section 17046, the
deduction shall not exceed five thousand dollars ($5,000).
   (2) For individuals or married couples filing separately, the
deduction shall not exceed two thousand five hundred dollars
($2,500).
   (c) The deduction allowable under this section shall be taken with
respect to the taxable year in which the contribution was made.
   (d) This section shall become operative when a source of funding
is identified by the Legislature to offset the costs to the state in
allowing the deduction under this section.
  SEC. 2.  This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.
However, the provisions of this act shall become operative on the
first day of the first calendar quarter commencing more than 90 days
after a source of funding is identified to offset the cost to the
state in allowing the deduction pursuant to this act.