Personal income taxes: deductions: education expenses: education savings accounts.

The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions from gross income in computing adjusted gross income under that law, including deductions for payments to individual retirement accounts, alimony payments, and interest on educational loans. This bill, for taxable years beginning on or after January 1, 2016, and before January 1, 2021, would allow a deduction in computing adjusted gross income for those amounts contributed to a Coverdell education savings account, up to $750 per taxable year, as provided. The bill, for taxable years beginning on or after January 1, 2016, and before January 1, 2021, would also allow a deduction in computing adjusted gross income, not to exceed $2,500, for the cost of education-related expenses of the taxpayer's dependent child or children attending public or private school, as specified. This bill would take effect immediately as a tax levy.