Bill Text: CA SB1003 | 2013-2014 | Regular Session | Amended

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Bill Title: Personal Income Tax Law: cancellation of indebtedness: student loan forgiveness.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2014-07-03 - Re-referred to Com. on RLS. pursuant to Assembly Rule 96(a). [SB1003 Detail]

Download: California-2013-SB1003-Amended.html

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BILL NUMBER: SB 1003	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  JUNE 30, 2014

INTRODUCED BY   Senator Evans

                        FEBRUARY 13, 2014

   An act to  amend Section 19596.2 of the Business and
Professions Code, relating to horse racing   add Section
17132.11 to the Revenue and Taxation Code, relating to taxation, to
take effect immediately, tax levy  .


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1003, as amended, Evans.  Horse racing: out-of-state
thoroughbred races.   Personal Income Tax Law:
cancellation of indebtedness: student loan forgiveness.  
   The Personal Income Tax Law provides for various exclusions from
gross income.  
   This bill would, for taxable years beginning on or after January
1, 2014, exclude from gross income the amount of student loan
indebtedness repaid or canceled pursuant to a specified federal law.
 
   This bill would take effect immediately as a tax levy. 

   Existing law authorizes a thoroughbred racing association or fair
to distribute the audiovisual signal and accept wagers on the results
of out-of-state thoroughbred races conducted in the United States
during the calendar period the association or fair is conducting a
race meeting, including days on which there is no live racing being
conducted by the association or fair, without the consent of the
organization that represents horsemen and horsewomen participating in
the race meeting and without regard to the amount of purses. Under
existing law, the total number of thoroughbred races imported by
associations or fairs on a statewide basis under these provisions
shall not exceed 50 per day on days when live thoroughbred or fair
racing is being conducted in the state, with the exception of
specified races.  
   This bill would instead provide that the total number of
thoroughbred races imported by associations or fairs on a statewide
basis under these provisions shall not exceed 55 per day on days when
live thoroughbred or fair racing is being conducted in the state,
with the exception of specified races. 
   Vote: majority. Appropriation: no. Fiscal committee:  no
  yes  . State-mandated local program: no.


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

   SECTION 1.    Section 17132.11 is added to the 
 Revenue and Taxation Code   , to read:  
   17132.11.  For taxable years beginning on or after January 1,
2014, gross income shall not include any loan amount repaid by the
United States Secretary of Education or canceled pursuant to Section
1098e of Title 20 of the United States Code. 
   SEC. 2.    This act provides for a tax levy within
the meaning of Article IV of the Constitution and shall go into
immediate effect.  
  SECTION 1.    Section 19596.2 of the Business and
Professions Code is amended to read:
   19596.2.  (a) Notwithstanding any other law and except as provided
in Section 19596.4, a thoroughbred racing association or fair may
distribute the audiovisual signal and accept wagers on the results of
out-of-state thoroughbred races conducted in the United States
during the calendar period the association or fair is conducting a
race meeting, including days on which there is no live racing being
conducted by the association or fair, without the consent of the
organization that represents horsemen and horsewomen participating in
the race meeting and without regard to the amount of purses.
Further, the total number of thoroughbred races imported by
associations or fairs on a statewide basis under this section shall
not exceed 55 per day on days when live thoroughbred or fair racing
is being conducted in the state. The limitation of 55 imported races
per day does not apply to any of the following:
   (1) Races imported for wagering purposes pursuant to subdivision
(c).
   (2) Races imported that are part of the race card of the Kentucky
Derby, the Kentucky Oaks, the Preakness Stakes, the Belmont Stakes,
the Jockey Club Gold Cup, the Travers Stakes, the Arlington Million,
the Breeders' Cup, the Dubai Cup, the Arkansas Derby, or the Haskell
Invitational.
   (3) Races imported into the northern zone when there is no live
thoroughbred or fair racing being conducted in the northern zone.
   (4) Races imported into the combined central and southern zones
when there is no live thoroughbred or fair racing being conducted in
the combined central and southern zones.
   (b) Any thoroughbred association or fair accepting wagers pursuant
to subdivision (a) shall conduct the wagering in accordance with the
applicable provisions of Sections 19601, 19616, 19616.1, and
19616.2.
   (c) No thoroughbred association or fair may accept wagers pursuant
to this section on out-of-state races commencing after 7 p.m.,
Pacific standard time, without the consent of the harness or quarter
horse racing association that is then conducting a live racing
meeting in Orange or Sacramento Counties.