Personal income taxes: Targeted Child Tax Credit.

The Personal Income Tax Law allows various credits against taxes imposed by that law. This bill, under the Personal Income Tax Law, for taxable years beginning on or after January 1, 2019, and before January 1, 2024, would allow a qualified taxpayer, as defined, a Targeted Child Tax Credit (TCTC) , in an amount equal to the difference between the qualified taxpayer's net resources, as defined, and a specified percentage of the poverty threshold, as provided, using the California Poverty Measure, as defined. The bill would require the credit amount in excess of the qualified taxpayer's liability to be paid to the taxpayer upon appropriation by the Legislature, as provided. The bill would require state departments and agencies that serve those who qualify for the TCTC to provide the Franchise Tax Board with information, in the form and manner as requested by the Franchise Tax Board, to assist the Franchise Tax Board in determining the qualified taxpayer's gross resources, as defined, and would authorize the Franchise Tax Board, with the assistance of those state departments and agencies, to develop estimates of adjustments to resources, as defined, and specified income and in-kind benefits used to determine gross resources. The bill would make findings and declarations in this regard. This bill would take effect immediately as a tax levy.