CA AB1606

Disallows the deduction for wagering losses under Internal Revenue Code Section 165(d) for California taxable years beginning on or after January 1, 2019.

Requires the State Controller to transfer estimated annual revenue from the disallowance of wagering loss deductions from the General Fund to the University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund.

Transfers continue until $500,000,000 is accumulated in the endowment fund for supporting the development, operation, and maintenance of a medical school branch campus in the San Joaquin Valley.

Directs the Franchise Tax Board, in consultation with the Department of Finance, to estimate and annually report to the State Controller the revenue derived from disallowing the wagering loss deduction.

Declares the bill an urgency statute effective immediately to address the shortage of trained medical providers in the San Joaquin Valley region.