Bill Text: CA SB370 | 2023-2024 | Regular Session | Amended
Bill Title: California FAIR Plan Association.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed) 2024-08-12 - Ordered to third reading. [SB370 Detail]
Download: California-2023-SB370-Amended.html
Amended
IN
Senate
March 28, 2023 |
Introduced by Senator McGuire (Coauthor: Senator Dodd) (Coauthors: Assembly Members Connolly and Wood) |
February 09, 2023 |
LEGISLATIVE COUNSEL'S DIGEST
Existing law establishes the continuously appropriated Tax Relief and Refund Account and provides that payments required to be made to taxpayers or other persons from the Personal Income Tax Fund are to be paid from that account.
This bill would make an appropriation from the Tax Relief and Refund Account to the Franchise Tax Board in an amount necessary to make payments of refunds made necessary by the above-described exclusion.
This bill would apply its provisions to taxable years beginning before, on, and after the effective date of this bill. The
Digest Key
Vote: 2/3 Appropriation:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
The Legislature finds and declares as follows:SECTION 1.SEC. 2.
Section 17139.2 is added to the Revenue and Taxation Code, to read:17139.2.
(a) For taxable years beginning on or after January 1, 2020, gross income does not include any qualified amount received by a qualified taxpayer.(d)(1)This section shall apply to taxable years beginning before, on, or after the effective date of the act adding this section.
(2)There is hereby appropriated from the Tax Relief and Refund Account to the Franchise Tax Board an amount necessary to make payments of refunds made necessary by the exclusion provided by this section.
(e)
(f)
SEC. 2.SEC. 3.
Section 24309.6 is added to the Revenue and Taxation Code, to read:24309.6.
(a) For taxable years beginning on or after January 1, 2020, gross income does not include any qualified amount received by a qualified taxpayer.(d)(1)This
section shall apply to taxable years beginning before, on, or after the effective date of the act adding this section.
(2)There is hereby appropriated from the Tax Relief and Refund Account to the Franchise Tax Board an amount necessary to make payments of refunds made necessary by the exclusion provided by this section.
(e)