Higher Education Assistance Fund: personal income taxes: additional tax.

The Personal Income Tax Law imposes taxes based upon taxable income at specified rates. This bill would, for taxable years beginning on or after January 1, 2020, impose an additional tax of 1% on income that exceeds $1,000,000, as provided. The bill would deposit the revenues derived from this tax into the Higher Education Assistance Fund, a continuously appropriated fund established by this bill, for the purposes of funding student financial assistance for specified students enrolled at the University of California, the California State University, and the California Community Colleges. This bill would become operative only if ACA 13 of the 2017–18 Regular Session is approved by the voters and becomes operative.