The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various exclusions from gross income, and allows various deductions in computing the income that is subject to the taxes imposed by that law, including miscellaneous itemized deductions that are allowed only to the extent that the aggregate amount of those deductions exceeds 2% of adjusted gross income. This bill, upon appropriation of specified funds by the Legislature, on and after January 1, 2017, and before January 1, 2019, would allow a deduction, not to exceed specified amounts, of the amount a qualified taxpayer, as defined, contributed in any taxable year to a homeownership savings account and would exclude from gross income any income earned on the moneys contributed to a homeownership savings account. The bill would provide that a qualified taxpayer may withdraw amounts from a homeownership savings account to pay for qualified homeownership savings expenses defined as expenses paid or incurred in connection with the purchase of a principal residence, which is defined by reference to a federal law and includes a mobilehome. The bill would provide that any amount withdrawn from that account that is not used for these expenses would be included as income for that taxpayer. The bill would define various terms for its purposes. This bill would take effect immediately as a tax levy.
Sponsored bills
This measure would proclaim the month of April 2016 as Black April Memorial Month.
This measure would designate the Hosking Road interchange over State Route 99 in the City of Bakersfield as the Bakersfield Police Officer David J. Nelson Memorial Bridge. The measure would request that the Department of Transportation determine the cost of appropriate signs showing this designation and, upon receipt of donations from nonstate sources covering that cost, to erect those signs.
This measure would designate the month of April 2016 as Sexual Assault Awareness Month, and would recognize April 27, 2016, as Denim Day California.
This measure would recognize the month of April 2016 as Aviation Awareness Month.
This measure would designate April 2016 as California Congenital Diaphragmatic Hernia Awareness Month.
This measure would designate the month of April 2016 as Autism Awareness Month and would encourage residents to show support for autism awareness by lighting their homes, businesses, schools, and places of worship with blue light bulbs.
This measure would proclaim February 29, 2016, as Rare Disease Day in California and would provide for the recognition of Rare Disease Day in California in subsequent years, as specified.
This measure would designate Monday, May 2, 2016, as California Peace Officers' Memorial Day, and would urge all Californians to honor those individuals who have given their lives for our safety and express appreciation to those who continue to dedicate themselves to making California a safer place in which to live and raise our families.
This measure would recognize and honor the men and women of California agriculture for their dedication and productivity by observing March 15, 2016, as National Agriculture Day, and designating March 16, 2016, as California Agriculture Day.