Jacqui Irwin
- Democratic
- Assemblymember
- District 42
Author
The Personal Income Tax Law and the Corporation Tax Law, in specified conformity with federal income tax laws regarding qualified tuition programs, provide that distributions from a qualified tuition program are generally not included in the income of the donor or the beneficiary, as specified. Existing federal law, the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act) , for taxable years beginning on or after January 1, 2015, encourages and assists individuals and families to save private funds for the purpose of supporting persons with disabilities to maintain their health, independence, and quality of life by excluding from gross income distributions used for qualified disability expenses by a beneficiary of a Qualified ABLE Program established and maintained by a state, as specified. This bill would, for taxable years beginning on or after January 1, 2016, conform to these federal income tax law provisions relating to the ABLE Act under the Corporation Tax Law, as provided. The bill would also establish in state government the ABLE program trust for purposes of implementing the federal ABLE Act. The bill would authorize the ABLE Act Board to adopt regulations to implement the program. The bill would create the program fund, a continuously appropriated fund, thereby making an appropriation, and the administrative fund, as specified. The bill would require the board to administer the program in compliance with the requirements of the federal ABLE Act. This bill would become operative only if SB 324 is enacted and takes effect on or before January 1, 2016.
Chaptered by Secretary of State - Chapter 774, Statutes of 2015.
Approved by the Governor.
Enrolled and presented to the Governor at 4 p.m.
Assembly Rule 77 suspended. (Page 2990.)
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 80. Noes 0. Page 2998.).
Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 2596.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 10 pursuant to Assembly Rule 77.
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 7. Noes 0.) (August 27).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on APPR.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (June 24).
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 79. Noes 0. Page 1770.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 17. Noes 0.) (May 28).
In committee: Set, first hearing. Referred to APPR. suspense file.
Read second time and amended.
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (April 27).
In committee: Set, first hearing. Referred to REV. & TAX. suspense file.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
From printer. May be heard in committee March 26.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB449 | HTML |
| 02/23/15 - Introduced | |
| 03/19/15 - Amended Assembly | |
| 05/05/15 - Amended Assembly | |
| 07/01/15 - Amended Senate | |
| 08/17/15 - Amended Senate | |
| 09/03/15 - Amended Senate | |
| 09/11/15 - Enrolled | |
| 10/11/15 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.