Personal income taxes: credit: exclusion: Teacher Recruitment and Retention Act of 2017.

The Personal Income Tax Law allows various credits against the taxes imposed by that law. This bill, for taxable years beginning on or after January 1, 2017, and before January 1, 2027, would allow a credit under the Personal Income Tax Law in an amount equal to 50% of the costs paid or incurred by a qualified taxpayer, as defined to include specified teachers, to earn a clear teaching credential, as specified. The Personal Income Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income. This bill would provide an exclusion from gross income for 50% of qualified income received on or after January 1, 2017, and before January 1, 2027, by an eligible teacher, as defined, for specified educational work. This bill would state the intent of the Legislature to enact legislation with respect to calculations for minimum amounts of funding for school districts and community colleges. This bill would take effect immediately as a tax levy.