Marc Steinorth
- Republican
Author
The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various exclusions from gross income, and allows various deductions in computing the income that is subject to the taxes imposed by that law, including miscellaneous itemized deductions that are allowed only to the extent that the aggregate amount of those deductions exceeds 2% of adjusted gross income. This bill, upon appropriation of specified funds by the Legislature, for taxable years beginning on and after January 1, 2017, and before January 1, 2019, would allow a deduction, not to exceed specified amounts, of the amount a qualified taxpayer, as defined, contributed in any taxable year to a homeownership savings account and would exclude from gross income any income earned on the moneys contributed to a homeownership savings account. The bill would provide that a qualified taxpayer may withdraw amounts from a homeownership savings account to pay for qualified homeownership savings expenses, defined as expenses paid or incurred in connection with the purchase of a principal residence in this state. The bill would provide that any amount withdrawn from that account that is not used for these expenses would be included as income for that taxpayer. The bill would define various terms for its purposes. This bill would take effect immediately as a tax levy.
From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
Died pursuant to Art. IV, Sec. 10(c) of the Constitution.
In committee: Held under submission.
Joint Rule 62(a), file notice suspended.
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 8. Noes 1.) (May 8).
Read second time and amended.
From committee: Amend, and do pass as amended and re-refer to Com. on REV. & TAX. (Ayes 7. Noes 0.) (April 5).
Coauthors revised.
Referred to Coms. on H. & C.D. and REV. & TAX.
From printer. May be heard in committee January 5.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB53 | HTML |
| 12/05/16 - Introduced | |
| 04/06/17 - Amended Assembly | |
| 05/15/17 - Amended Assembly |
| Document | Format |
|---|---|
| No related documents. |
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