Bill Text: CA AB2578 | 2011-2012 | Regular Session | Amended

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Bill Title: Franchise Tax Board: information: tax refund deposits:

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-05-25 - In committee: Set, second hearing. Held under submission. [AB2578 Detail]

Download: California-2011-AB2578-Amended.html

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BILL NUMBER: AB 2578	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MAY 1, 2012
	AMENDED IN ASSEMBLY  APRIL 9, 2012

INTRODUCED BY   Assembly Member Solorio

                        FEBRUARY 24, 2012

   An act to add Section 19534 to the Revenue and Taxation Code,
relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2578, as amended, Solorio. Franchise Tax Board: information:
tax refund deposits: tax-advantaged savings plans.
   Existing law requires the Franchise Tax Board to make a refund to
a taxpayer of any overpayment of taxes. Existing law authorizes the
Franchise Tax Board to electronically deposit a taxpayer's refund
into the taxpayer's checking or savings account.
   This bill would require the Franchise Tax Board to include
information on its Internet Web site  ,   and
 taxpayer form instructions  ,  and 
any other  publications  for taxpayers ,
 as defined,  stating that on  those  tax returns,
the  individual  taxpayer has the ability or option to
directly deposit all or a portion of a tax refund into an account
under specified tax-advantaged savings plans.
   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 19534 is added to the Revenue and Taxation
Code, to read:
   19534.   (a)    The Franchise Tax Board shall
include information on its Internet Web site  , 
 and  taxpayer form instructions  ,  and
 any other  publications  for taxpayers
 , stating that on returns required to be filed pursuant to
Article 1 (commencing with Section 18501) of Chapter 2  of
Part 10.2 of Division 2  , the  individual 
taxpayer has the ability or option to directly deposit all or a
portion of a tax refund into an account under the following
tax-advantaged savings plans: 
   (a) 
    (1)  A plan that meets the requirements of Section 401
(k) of Title 26 of the United States Code. 
   (b) A plan that meets the requirements of Section 403(b) of Title
26 of the United States Code.  
   (c) 
    (2)  A plan that meets the requirements of Section 457
of Title 26 of the United States Code. 
   (d) 
    (3)  A plan that meets the requirements of Section 529
of Title 26 of the United States Code. 
   (e) 
    (4)  A  Roth 401(k)   retirement
 plan that  includes a qualified Roth contribution program
that  meets the requirements of Section 402A of Title 26 of the
United States Code. 
   (f) 
    (5)  A Roth  IRA  individual
retirement  plan that meets the requirements of Section 408A of
Title 26 of the United States Code. 
   (g) 
    (6)  A simplified employee pension individual retirement
arrangement (SEP-IRA) plan that meets the requirements of Section
408(k) of Title 26 of the United States Code. 
   (h) A savings incentive match plan for employees (SIMPLE)
retirement plan that meets the requirements of Section 408(p) of
Title 26 of the United States Code.  
   (i) 
    (7)  A traditional individual retirement account
(traditional IRA) plan that meets the requirements of Section 408 of
Title 26 of the United States Code. 
   (b) For the purposes of subdivision (a), "publications" means
Franchise Tax Board publications 737, 776, 1006, 1032, 1095D, and all
subsequent versions of those publications.