Steve Glazer
- Democratic
- Senator
- District 7
Author
The Personal Income Tax Law, in modified conformity with federal income tax laws, generally allows various deductions in computing the income that is subject to taxes imposed by that law, including a deduction for qualified retirement contributions. Existing federal law, the Consolidated Appropriations Act, 2023, among other things, expanded the deduction for qualified retirement contributions by indexing catch-up limitations for persons 50 years of age or older to inflation, increasing catch-up limits for persons 60 to 63 years of age, inclusive, and increasing contribution limits for simple plans, as defined. This bill would conform state law to the above-referenced changes to federal law. 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.
July 1 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 0. Page 4184.) Ordered to the Assembly.
Ordered to special consent calendar.
From committee: Do pass. (Ayes 7. Noes 0. Page 3986.) (May 16).
Read second time. Ordered to third reading.
Set for hearing May 16.
April 22 hearing: Placed on APPR suspense file.
Set for hearing April 22.
From committee: Do pass and re-refer to Com. on APPR with recommendation: To consent calendar. (Ayes 6. Noes 0. Page 3564.) (April 10). Re-referred to Com. on APPR.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on REV. & TAX.
Set for hearing April 10.
From printer. May be acted upon on or after March 18.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1499 | HTML |
| 02/16/24 - Introduced | |
| 04/03/24 - Amended Senate |
| Document | Format |
|---|---|
| 04/05/24- Senate Revenue and Taxation | |
| 04/19/24- Senate Appropriations | |
| 05/17/24- Sen. Floor Analyses |
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