CA AB2367

Allows a personal income tax credit for taxable years beginning January 1, 2014 through December 31, ____ for qualified taxpayers whose individual health insurance plans were canceled between December 31, 2013 and March 31, 2014

Credit amount equals the difference between the annual premium paid for a new individual health plan and the annual premium paid prior to March 31, 2014 for the canceled plan

Defines "qualified taxpayer" as an individual whose plan was canceled pursuant to specific provisions of the Health and Safety Code or Insurance Code and who purchased a replacement plan with higher premiums

Allows excess credits to be carried forward and applied against net tax in the following seven years if the credit exceeds the current year's tax liability

Takes effect immediately as a tax levy and repeals on December 1, ____ (date not specified in bill text)