Personal income tax: credit: virtual learning costs: dependent of the taxpayer.

The Personal Income Tax Law allows various credits against the taxes imposed by that law. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2021, and before January 1, 2026, in an amount equal to 50% of the amount paid or incurred by a qualified taxpayer, as defined, during the taxable year for qualified costs, as defined, related to virtual learning for a qualified dependent, as defined, not to exceed $2,250 per qualified dependent for any taxable year. This bill would also state the intent of the Legislature to comply with the additional information requirement for any bill authorizing a new income tax expenditure. This bill would take effect immediately as a tax levy.