SB 1231

Bill Subjects

Abstract

Existing law contains various assistance programs, including programs that provide for financial assistance. This bill would require the Franchise Tax Board, on or before ____ to provide a tax rebate in a qualified amount, as defined, to individuals who filed a return for the 2016 taxable year. The bill would appropriate $6,000,000,000 to the Franchise Tax Board for administrative costs related to this program and to provide the tax rebates, as provided. The Personal Income Tax Law imposes a tax on individual taxpayers measured by the taxpayer's taxable income for the taxable year, but excludes certain items of income from the computation of tax. This bill would exclude from gross income any tax rebate received by a taxpayer pursuant to the above provisions. This bill would make a legislative finding and declaration that the tax rebate program serves a public purpose and does not constitute a prohibited gift of public funds.