Mike Fong
- Democratic
- Assemblymember
- District 49
Author
The Personal Income Tax Law, in modified conformity with federal income tax law, generally defines "gross income" as income from whatever source derived, except as specifically excluded, including an exclusion for the amount of student loan indebtedness repaid or canceled pursuant to a specified federal law. This bill would exclude from an individual's gross income, for taxable years beginning on or after January 1, 2023, and before January 1, 2028, any amount of qualified student loan debt, as defined, that is discharged under the federal student loan debt relief plan, as specified. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements. The bill would also include additional information required for any bill authorizing a new tax expenditure. 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.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (May 1). Re-referred to Com. on APPR.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
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 January 5.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB26 | HTML |
| 12/05/22 - Introduced | |
| 03/22/23 - Amended Assembly | |
| 04/20/23 - Amended Assembly |
| Document | Format |
|---|---|
| 04/07/23- Assembly Revenue and Taxation | |
| 04/28/23- Assembly Revenue and Taxation |
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