Bill Text: CA AB1441 | 2011-2012 | Regular Session | Introduced

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Bill Title: Personal income taxes: credit: higher education.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-19 - Referred to Com. on REV. & TAX. [AB1441 Detail]

Download: California-2011-AB1441-Introduced.html

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BILL NUMBER: AB 1441	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Beall

                        JANUARY 4, 2012

   An act to add and repeal Section 17053.51 of the Revenue and
Taxation Code, relating to taxation, to take effect immediately, tax
levy.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 1441, as introduced, Beall. Personal income taxes: credit:
higher education.
   The Personal Income Tax Law authorizes various credits against the
taxes imposed by that law.
   This bill would, for each taxable year beginning on or after
January 1, 2012, and before January 1, 2017, allow a credit of up to
$500 per eligible student for qualified costs, as defined, paid or
incurred by a qualified taxpayer, as defined, at a qualified
educational institution, as defined, on behalf of the taxpayer, the
taxpayer's spouse, or any dependent of the taxpayer. The credit
allowed would be limited for all taxable years to a total of $2,000
per eligible student.
   This bill would take effect immediately as a tax levy.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 17053.51 is added to the Revenue and Taxation
Code, to read:
   17053.51.  (a) For each taxable year beginning on or after January
1, 2012, and before January 1, 2017, there shall be allowed as a
credit against the "net tax," as defined in Section 17039, an amount
equal to the qualified costs paid or incurred by the qualified
taxpayer at a qualified educational institution, not to exceed five
hundred dollars ($500) per eligible student for each taxable year.
   (b) For purposes of this section:
   (1) "Course materials" means books, supplies, and equipment needed
for a course of study, whether or not the materials are purchased
from the qualified educational institution as a condition of
enrollment or attendance.
   (2) "Eligible student" means the taxpayer, the taxpayer's spouse,
or any dependent of the taxpayer.
   (3) "Qualified costs" means tuition and fees required for
enrollment or attendance of an eligible student at a qualified
educational institution and expenditures for course materials.
   (4) "Qualified educational institution" means the University of
California, the California State University, or the California
Community Colleges.
   (5) "Qualified taxpayer" means a taxpayer who pays or incurs
qualified costs at any qualified educational institution during the
taxable year and who has a modified adjusted gross income for that
taxable year of at least eighty thousand one dollars ($80,001) and
not more than one hundred forty thousand dollars ($140,000) for an
individual or married persons filing joint returns.
   (c) The credit allowed under this section for all taxable years
shall not exceed an aggregate amount of two thousand dollars ($2,000)
per each eligible student.
   (d) This section shall remain in effect only until December 1,
2017, and as of that date is repealed.
  SEC. 2.  This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.