Income and corporation taxes: deductions: educational assistance.

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 trade and business expenses. The Corporation Tax Law allows various deductions in computing the income that is subject to the taxes imposed by that law. The Corporation Tax Law, in modified conformity, applies provisions of the Internal Revenue Code relating to business or trade deductions. This bill would allow a deduction under those laws for amounts paid or incurred by an employer during the taxable year for the educational assistance of full-time employees pursuant to an educational assistance program. This bill would take effect immediately as a tax levy.