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CA AB111
Bill
AI Summary
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Excludes from gross income the discharge of unpaid community college fees for taxable years 2022-2026, providing financial relief to students affected by COVID-19 economic hardships.
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Excludes from gross income specified higher education emergency grants received under federal pandemic relief laws (CARES Act, Consolidated Appropriations Act 2021, American Rescue Plan Act) for taxable years 2020-2027.
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Excludes from gross income certain student loan debt discharged between December 31, 2020 and January 1, 2026 for taxable years 2021-2025, conforming to federal law.
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Appropriates $20,000 from the General Fund to the Franchise Tax Board to administer these tax exclusion provisions.
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Requires the Legislative Analyst's Office to report by October 1, 2026 on the number of taxpayers and total dollar value of discharged student loan debt excluded from income.
Legislative Description
Personal Income Tax Law: exclusion: student loan debt: discharge of fees: higher education emergency grants.
Last Action
Chaptered by Secretary of State - Chapter 5, Statutes of 2023.
5/15/2023