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CA SBX613
Bill
AI Summary
- Allows a deduction for amounts paid to health savings accounts (HSAs) for taxable years beginning January 1, 2010 or later, conforming to federal tax law
- Repeals previous sections (effective through 2015) that prohibited California from allowing HSA-related deductions and rollovers, aligning state law with federal treatment
- Modifies federal HSA rules for California by substituting "Section 17651" for unrelated business income tax references and reducing the penalty rate from 10 percent to 2.5 percent
- Adds reporting requirements and fifty-dollar penalties for failure to file HSA reports as required by Section 223(h) of the Internal Revenue Code
- Takes effect immediately as a tax levy
Legislative Description
Income tax: health savings accounts.
Last Action
Placed on REV. & TAX. suspense file.
5/13/2010
Committee Referrals
Revenue and Taxation4/19/2010
Rules3/1/2010
Full Bill Text
No bill text available