CA AB1356

Imposes an additional 1% tax on taxable income exceeding $1,000,000 for taxable years beginning on or after January 1, 2019

Creates the Higher Education Assistance Fund in the State Treasury to receive revenues from the new tax, with funds continuously appropriated to the Controller

Allocates funding from the tax to provide student financial assistance for tuition and fees for in-state undergraduate students at University of California, California State University, and California Community Colleges

Specifies that these funds shall expand student financial assistance and cannot be used to replace existing state or federal student aid funds

Becomes operative only if Assembly Constitutional Amendment 13 of the 2017–18 Regular Session is approved by voters and becomes operative