Carol Liu
- Democratic
Author
The Personal Income Tax Law allows various credits against the taxes imposed by that law, including certain credits that are allowed in modified conformity to credits allowed by federal income tax laws. Federal income tax laws allow a refundable earned income tax credit for certain low-income individuals who have earned income and who meet certain other requirements. This bill, for taxable years beginning on or after January 1, 2015, in modified conformity with federal income tax laws, would allow a refundable earned income credit to an eligible individual that is equal to the earned income tax credit allowed by federal law in an amount determined by the earned income tax credit adjustment factor as determined in the annual Budget Act. 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. By authorizing a new, refundable income tax credit to be paid from that account, this bill would make an appropriation. The Personal Income Tax Law imposes taxes based upon taxable income and also imposes interest and penalties with regard to those taxes under specified circumstances, including a penalty for the underpayment of estimated tax. Existing law provides no addition to tax shall be imposed to the extent that the underpayment was created or increased by any law that is chaptered during and operative for the taxable year of the underpayment. This bill would provide that addition to tax shall not be imposed if the applicable percentage for the earned income tax credit for the taxable year was less than the applicable percentage for that credit for the preceding taxable year and would impose a penalty, in conformity with federal law, for failure to be diligent in determining eligibility for the earned income tax credit, as specified.
July 13 set for second hearing canceled at the request of author.
June 29 set for first hearing canceled at the request of author.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 37. Noes 1. Page 1292.) Ordered to the Assembly.
Read second time and amended. Ordered to third reading.
From committee: Do pass as amended. (Ayes 5. Noes 2. Page 1146.) (May 28).
Set for hearing May 28.
May 18 hearing: Placed on APPR. suspense file.
Set for hearing May 18.
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 6. Noes 0. Page 815.) (April 29).
Set for hearing April 29.
April 22 set for first hearing canceled at the request of author.
Set for hearing April 22.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on GOV. & F.
From printer. May be acted upon on or after January 1.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB38 | HTML |
| 12/01/14 - Introduced | |
| 03/23/15 - Amended Senate | |
| 05/06/15 - Amended Senate | |
| 06/02/15 - Amended Senate |
| Document | Format |
|---|---|
| No related documents. |
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