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| Authors | Smallwood-Cuevas | |||||||||||||||||||||
| Subject | Personal Income Tax Law: exclusions: guaranteed income pilot programs. | |||||||||||||||||||||
| Relating To | relating to taxation, to take effect immediately, tax levy. | |||||||||||||||||||||
| Title | An act to amend Section 17131.12 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. | |||||||||||||||||||||
| Last Action Dt | 2025-04-02 | |||||||||||||||||||||
| State | Amended Senate | |||||||||||||||||||||
| Status | Died | |||||||||||||||||||||
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| Analyses | TBD | |||||||||||||||||||||
| Latest Text | Bill Full Text | |||||||||||||||||||||
| Latest Text Digest |
The Personal Income Tax Law, in conformity with federal income tax law, generally defines “gross income” as income from whatever source derived, and provides various exclusions from gross income, including, until July 1, 2026, an exclusion for payments received from a guaranteed income pilot program or related grants, as specified. Existing law repeals this exclusion as of January 1, 2027. This bill would extend the above-referenced exclusion from gross income until July 1, 2031, and would repeal it as of January 1, 2032. 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. This bill also would include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy. |