Today's Law As Amended

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AB-1175 Franchise Tax Board: refunds: direct deposit: taxpayer form instructions.(2011-2012)

As Amends the Law Today


 Section 19304 is added to the Revenue and Taxation Code, to read:

 (a) The Franchise Tax Board shall revise taxpayer form instructions, for returns required to be filed, pursuant to Article 1 (commencing with Section 18501) of Chapter 2 of Part 10.2 of Division 2, to include information about split refund options, including, but not limited to, the ability of a taxpayer to directly deposit a portion of the refund into the Golden State Scholarshare College Savings Trust.
(b) The Scholarshare Investment Board shall provide the Franchise Tax Board with a description of the Golden State Scholarshare College Savings Trust on or before a specified date provided by the Franchise Tax Board. The length of the description shall be five lines or less.
(c) The Franchise Tax Board shall revise the taxpayer form instruction in the most cost-effective manner.
(d) For purposes of this section, “Golden State Scholarshare College Savings Trust” has the meaning set forth in subdivision (e) of Section 69980 of the Education Code.