This measure would declare that the Legislature honors the life and legacy of Cindy Montañez and declares January 19 as Cindy Montañez Day.
This measure would recognize February 5, 2024, to February 9, 2024, as National School Counseling Week.
This measure would honor the late civil rights pioneer Reverend Dr. Martin Luther King, Jr. and commemorate Dr. Martin Luther King, Jr. Day.
This measure would proclaim October 21, 2023, and the same date each year thereafter, as Hanbok Day in the State of California.
This measure would declare that the month of January 2024 be recognized as National Mentoring Month, would thank those who participate in quality mentoring programs, and would call upon residents to help close the gap between the availability of mentors and the number of children facing challenging circumstances, as specified.
The Personal Income Tax Law allows various deductions in computing the income that is subject to the taxes imposed by that law, including, in modified conformity with federal income tax laws, a deduction for a limited amount of interest paid on acquisition indebtedness, as defined, with respect to a qualified residence of the taxpayer. Existing law limits the aggregate amount treated as acquisition indebtedness for these purposes to $1,000,000, or $500,000 in the case of a married individual filing a separate return. Existing law specifies for these purposes that a qualified residence includes the taxpayer's principal residence and one other residence selected by the taxpayer, as provided. This bill, for taxable years beginning on or after January 1, 2025, would disallow the deduction of acquisition indebtedness with respect to a qualified residence of a taxpayer other than the principal residence. This bill would require the Franchise Tax Board, in consultation with the Department of Finance, to estimate the amount of additional revenue resulting from the above-described modifications made with respect to the calculation of taxable income under the Personal Income Tax Law by this bill and to notify the Controller of that amount, as provided. This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIIIA of the California Constitution, and thus would require for passage the approval of 23 of the membership of each house of the Legislature. This bill would take effect immediately as a tax levy.
This measure would urge the federal Office of Management and Budget to update its Uniform Guidance in order to improve job creation, quality, and equity.
