AB 1317 California Assembly · 2019-2020 Regular Session

Personal income taxes: gross income exclusion: homeownership savings accounts.

Summary

The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various exclusions from gross income. This bill, on or after January 1, 2020, and before January 1, 2025, would exclude from gross income any income earned on the moneys contributed to a homeownership savings account, subject to specified restrictions, including that the account is designated as a homeownership savings account by the trustee for the benefit of a qualified taxpayer, as defined, and that the account is closed once the purchase of the qualified taxpayer's principal residence is complete. This bill would take effect immediately as a tax levy.

Bill status failed 1 of 4 stages cleared

Introduction

Feb 2019

Committee Review

Floor Vote

Governor

Introduced Feb 22, 2019 Last action Feb 3, 2020

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 16, 2019

Lower · Passed

In committee: Held under submission.

lower

May 15, 2019

Committee

In committee: Set, first hearing. Referred to APPR. suspense file.

lower

May 9, 2019

Committee

Re-referred to Com. on APPR.

lower

May 7, 2019

Lower · Passed

From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (May 6). Re-referred to Com. on APPR.

lower

May 1, 2019

Committee

Re-referred to Com. on REV. & TAX.

lower

Apr 30, 2019

Lower · Passed

Read second time and amended.

lower

Apr 29, 2019

Lower · Passed

From committee: Amend, and do pass as amended and re-refer to Com. on REV. & TAX. (Ayes 8. Noes 0.) (April 24).

lower

Mar 11, 2019

Committee

Referred to Coms. on H. & C.D. and REV. & TAX.

lower

Feb 23, 2019

Lower · Passed

From printer. May be heard in committee March 25.

lower

Feb 22, 2019

Introduced

Introduced. To print.

lower

1 primary · 0 co-sponsors