Greg Wallis
- Republican
- Assemblymember
- District 47
Author
The Personal Income Tax Law, in conformity with federal income tax law, generally defines "gross income" as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income. Existing law, known as the Golden State Scholarshare Trust Act, establishes the Golden State Scholarshare College Savings Trust (Scholarshare trust) , under the administration of the Scholarshare Investment Board, to provide financial aid for postsecondary education costs of participating students. Existing state and federal law generally includes in gross income distributions from a qualified tuition program, as defined to include the Scholarshare trust, except as provided. Existing federal law, the Consolidated Appropriations Act, 2023, excludes from gross income, for federal income tax purposes, distributions from a qualified tuition program that are made after December 31, 2023, and are paid in a direct trustee-to-trustee transfer to a Roth IRA, as described. This bill would exempt from gross income distribution made from a long-term qualified tuition program during the taxable years beginning on or after January 1, 2024, and before January 1, 2029, that are paid in a direct trustee-to-trustee transfer to a Roth IRA, and would conform state tax law to those changes relating to federal law, as described above. Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill would 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.
In committee: Held under submission.
Joint Rule 62(a), file notice suspended. (Page 1580.)
In committee: Set, first hearing. Referred to APPR. suspense file.
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, second hearing. Referred to REV. & TAX. suspense file.
In committee: Set, first hearing. Hearing canceled at the request of author.
From printer. May be heard in committee March 12.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB629 | HTML |
| 02/09/23 - Introduced | |
| 04/25/23 - Amended Assembly |
| Document | Format |
|---|---|
| 03/24/23- Assembly Revenue and Taxation | |
| 04/28/23- Assembly Revenue and Taxation | |
| 05/15/23- Assembly Appropriations |
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