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CA SB1189

Bill

Official Source

Status

Introduced

2/20/2014

Primary Sponsor

Carol Liu

Click for details

Origin

Senate

2013-2014 Session

AI Summary

  • Allows a credit against California personal income tax equal to 15% of the federal earned income tax credit for taxable years beginning January 1, 2015 and ending before January 1, 2026
  • Credit is calculated by multiplying the federal earned income credit amount (as defined under Section 32 of the Internal Revenue Code) by 15 percent
  • Requires the Franchise Tax Board to submit a report to the Legislature by January 1, 2025 detailing credit utilization, effectiveness, number of claims, amounts claimed, and estimates of overclaimed and underclaimed amounts
  • Takes effect immediately as a tax levy

Legislative Description

Personal income tax: credit: earned income.

Last Action

Held in committee and under submission.

5/23/2014

Committee Referrals

Appropriations4/28/2014
Governance and Finance3/6/2014
Rules2/20/2014

Full Bill Text

No bill text available