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CA SB111
Bill
Status
3/27/2023
Primary Sponsor
Budget and Fiscal Review
Click for details
AI Summary
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Excludes from gross income the discharge of unpaid community college fees for taxable years beginning January 1, 2022 through December 31, 2026, providing relief to students affected by COVID-19 economic hardships.
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Excludes from gross income specified higher education emergency grants received by postsecondary students under the CARES Act, Consolidated Appropriations Act 2021, and American Rescue Plan Act for taxable years beginning January 1, 2020 through December 31, 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 beginning January 1, 2021 through December 31, 2025, conforming to federal law under the American Rescue Plan Act.
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Appropriates $20,000 from the General Fund to the Franchise Tax Board for administering these tax exclusion provisions.
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Requires the Legislative Analyst's Office to submit reports by October 1, 2026 and November 1, 2028 measuring the number of taxpayers and total dollar value of income excluded under these provisions.
Legislative Description
Personal Income Tax Law: exclusion: student loan debt: discharge of fees: higher education emergency grants.
Last Action
Re-referred to Com. on BUDGET pursuant to Assembly Rule 97.
5/8/2023