Fran Pavley
- Democratic
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, 2014, 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, for taxable years beginning on or after January 1, 2016, would conform to these federal income tax law provisions relating to the ABLE Act under the Personal Income Tax Law, as provided. The bill would create the ABLE Act Board and would require the board provide an annual listing of distributions to individuals that have an interest in an ABLE account to the Franchise Tax Board, as provided. This bill would provide that it will only become effective if AB 449 is enacted and becomes effective.
Chaptered by Secretary of State. Chapter 796, Statutes of 2015.
Approved by the Governor.
Enrolled and presented to the Governor at 10:45 p.m.
Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2664.) Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 79. Noes 0. Page 2953.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Ordered to third reading.
Read third time and amended.
From committee: Do pass. (Ayes 17. Noes 0.) (August 27).
Read second time. Ordered to third reading.
Joint Rule 62(a) suspended.
August 26 set for first hearing. Placed on APPR. suspense file.
August 19 hearing postponed by committee.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (July 13).
July 13 set for first hearing. Placed on REV. & TAX. suspense file.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 40. Noes 0. Page 1200.) Ordered to the Assembly.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 7. Noes 0. Page 1151.) (May 28).
Set for hearing May 28.
April 27 hearing: Placed on APPR. suspense file.
Set for hearing April 27.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 0. Page 524.) (April 8).
Set for hearing April 8.
From printer. May be acted upon on or after March 26.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB324 | HTML |
| 02/23/15 - Introduced | |
| 04/15/15 - Amended Senate | |
| 07/15/15 - Amended Assembly | |
| 08/17/15 - Amended Assembly | |
| 09/04/15 - Amended Assembly | |
| 09/10/15 - Enrolled | |
| 10/11/15 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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