CA AB2426

Amends Section 17072 of the Revenue and Taxation Code to allow a deduction for contributions to Coverdell education savings accounts in computing adjusted gross income, effective for taxable years beginning on or after January 1, 2014

Allows taxpayers to deduct up to $750 per taxable year in contributions made to a Coverdell education savings account

Defines "Coverdell education savings account" by reference to Section 530 of the Internal Revenue Code, as modified by Section 23712 of California law

Requires that the basis of the Coverdell education savings account be reduced by any amount deducted under this section

Takes effect immediately as a tax levy