Bill Text: CA AB1629 | 2021-2022 | Regular Session | Amended
Bill Title: Income taxation: exclusion: military survivor benefits.
Spectrum: Partisan Bill (Republican 12-0)
Status: (Introduced - Dead) 2022-04-04 - In committee: Set, second hearing. Hearing canceled at the request of author. [AB1629 Detail]
Download: California-2021-AB1629-Amended.html
Amended
IN
Assembly
February 28, 2022 |
Introduced by Assembly Members Seyarto, Choi, and Mathis (Principal coauthor: Assembly Member Voepel) (Coauthors: Assembly Members Chen, Fong, Gallagher, Lackey, Nguyen, Smith, Valladares, and Waldron) |
January 11, 2022 |
LEGISLATIVE COUNSEL'S DIGEST
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 17140.6 is added to the Revenue and Taxation Code, to read:17140.6.
(a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include survivor benefits or payments, not to exceed twenty thousand dollars ($20,000) per(b)(1)For the purposes of complying with Section 41, the Legislature finds and declares that the goals, purposes, and objectives of this exclusion are both of the following:
(A)To recognize the loss and sacrifice of our military families and give them the support that our community owes them.
(B)To provide some financial relief to families that have experienced not only the loss of a loved one, but also often the loss of the sole income of the family, and who are now trying to make ends meet on a portion of that original income.
(2)The Legislature shall use income reporting for the exclusion provided by the Franchise Tax Board as performance indicators to measure whether the exclusion meets the goals, purposes, and objectives stated in paragraph (1).
(3)The Franchise Tax Board shall determine the income brackets of individuals who claimed the exclusion allowed by this section, the total number of claims for the exclusion, and the amount claimed for each exclusion, and
shall provide that information to the Legislature in an annual report, submitted on or before June 15, 2025, and pursuant to Section 9795 of the Government Code, to assist the Legislature in determining whether the exclusion is helping families that are financially struggling through the loss of a service member or veteran.
(4)The disclosure provisions of this subdivision shall be treated as an exception to Section 19542 under Article 2 (commencing with Section 19542) of Chapter 7 of Part 10.2.
(c)