CA SB201

Modifies the California Earned Income Tax Credit by requiring phaseout percentages from the prior taxable year to apply for tax years after the minimum wage reaches $15 per hour, rather than recalculating percentages annually.

Creates a new Foster Youth Tax Credit of $1,176 (adjusted annually) for individuals ages 18-25 who were in foster care at age 13 or older and received an earned income tax credit in the same taxable year.

Expands the Young Child Tax Credit to include individuals with zero or negative earned income who would otherwise qualify for the earned income tax credit, and requires annual recomputation of the credit amount.

Authorizes the State Department of Social Services and Franchise Tax Board to share confidential tax and foster care status information solely for verifying eligibility for the foster youth tax credit, subject to federal approval.

Makes appropriations from the Tax Relief and Refund Account for refundable portions of the young child and foster youth tax credits exceeding tax liability.