Tax deductions: 529 college savings plans.

The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions in computing the income that is subject to the taxes imposed by that law. This bill, for taxable years beginning on or after January 1, 2009, would allow as a deduction under that law the lesser of (1) the amount contributed by a qualified taxpayer, as defined, to a qualified tuition program, as provided, or (2) $3,000 in the case of a taxpayer who is single or is a married individual filing a separate return, and $6,000 in the case of a taxpayer who is a married individual filing a joint return or an individual filing a head of household return. This bill would take effect immediately as a tax levy.