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

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AB1175:v96#DOCUMENT

Amended  IN  Senate  June 20, 2011
Amended  IN  Assembly  May 04, 2011
Amended  IN  Assembly  April 15, 2011

CALIFORNIA LEGISLATURE— 2011–2012 REGULAR SESSION

Assembly Bill
No. 1175


Introduced  by  Assembly Member Fletcher
(Coauthor(s): Assembly Member Perea)

February 18, 2011


An act to add Section 19304 to the Revenue and Taxation Code, relating to taxation.


LEGISLATIVE COUNSEL'S DIGEST


AB 1175, as amended, Fletcher. Franchise Tax Board: refunds: direct deposit: taxpayer form instructions.
Existing law requires the Franchise Tax Board to make a refund to a taxpayer of any overpayment of taxes. Existing law authorizes taxpayers to contribute their refunds for the support of specified funds or accounts.
This bill would require the Franchise Tax Board to revise taxpayer form instructions for tax returns to include information about the ability of a taxpayer to directly deposit a portion of a refund into the Golden State Scholarshare College Savings Trust, as defined. This bill would require the Scholarshare Investment Board to provide the Franchise Tax Board with a description of that trust program before a date specified by the Franchise Tax Board, and that the revisions be completed in the most cost-effective manner.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

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

19304.
 (a) The Franchise Tax Board shall revise taxpayer form instructions 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.