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CA SB444
Bill
AI Summary
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Excludes California For All Education Awards from state gross income for taxable years beginning January 1, 2022 through December 31, 2026, where awards are issued to AmeriCorps members for completing minimum service hours.
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Excludes Segal AmeriCorps Education Awards from state gross income for taxable years after the federal government enacts legislation exempting these awards from federal income tax, with the exclusion remaining operative for five taxable years.
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Defines "California For All Education Award" as state-funded educational awards issued to AmeriCorps members and "Segal AmeriCorps Education Award" as awards received pursuant to Section 12604 of Title 42 of the United States Code for service completed in California.
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Requires CaliforniaVolunteers to submit annual written reports to the Legislature beginning June 1, 2024, containing the number of California residents receiving educational awards under both programs and the average award amounts.
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Takes effect immediately as a tax levy.
Legislative Description
Personal income tax: exclusions: educational awards.
Last Action
From committee with author's amendments. Read second time and amended. Re-referred to Com. on REV. & TAX.
6/21/2022