CA AB276

Amends Section 17085 of the California Revenue and Taxation Code to conform with federal CARES Act provisions regarding qualified employer plan loans.

Applies Section 2202(b) of the federal Coronavirus Aid, Relief, and Economic Security Act (Public Law 116-136) to California personal income tax law for loans from qualified plans.

Permits increased loan amounts from qualified employer plans up to $100,000 (or 100% of vested account balance, whichever is less) for qualified individuals during the 180-day period beginning March 27, 2020.

Allows delayed repayment periods for qualified individuals with outstanding loans for up to one year under the CARES Act provisions.

Took effect immediately upon approval by the Governor on September 11, 2020, as a tax levy.