Today's Law As Amended


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SB-1148 Personal income taxes: deductions: qualified tuition.(2015-2016)



As Amends the Law Today


SECTION 1.

 Section 17204.7 of the Revenue and Taxation Code is repealed.

17204.7.
 Section 222 of the Internal Revenue Code, relating to qualified tuition and related expenses, shall not apply.

SEC. 2.

 Section 17204.7 is added to the Revenue and Taxation Code, to read:

17204.7.
 (a) For taxable years beginning on or after January 1, 2016, and before January 1, 2021, Section 222 of the Internal Revenue Code, relating to qualified tuition and related expenses, is modified as follows:
(1) The term “Secretary” shall be replaced by the term “Franchise Tax Board.”
(2) Section 222(e) of the Internal Revenue Code, relating to termination, shall not apply.
(b) This section shall remain in effect only until December 1, 2021, and as of that date is repealed.
SEC. 3.
 This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.