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AB-942 Personal income taxes: credit: veterinary costs.(2017-2018)

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Date Published: 04/04/2017 09:00 PM
AB942:v97#DOCUMENT

Amended  IN  Assembly  April 04, 2017
Amended  IN  Assembly  March 21, 2017

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill No. 942


Introduced by Assembly Member Mathis

February 16, 2017


An act to add and repeal Section 17052.4 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.


LEGISLATIVE COUNSEL'S DIGEST


AB 942, as amended, Mathis. Personal income taxes: credit: veterinary costs.
The Personal Income Tax Law allows various credits against the taxes imposed by that law.
This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2017, and before January 1, 2023, in an amount equal to 50% of the amount paid or incurred during the taxable year by a taxpayer for qualified veterinary costs, as defined, for a taxpayer’s pets, as defined, not to exceed $2,000 per taxable year.
This bill would take effect immediately as a tax levy.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

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


SECTION 1.

 Section 17052.4 is added to the Revenue and Taxation Code, to read:

17052.4.
 (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, an amount equal to 50 percent of the amount paid or incurred during the taxable year by a taxpayer for qualified veterinary costs for a taxpayer’s pets, not to exceed two thousand dollars ($2,000) per taxable year.
(b) For purposes of this section:
(1) “Pet” means a domesticated cat or dog owned by the taxpayer.
(2) “Qualified veterinary costs” means the amount paid or incurred for medical-related medically necessary expenses paid to a licensed veterinarian, including, but not limited to, vaccinations, annual checkups, surgeries, and drug prescriptions. Qualified veterinary costs does not include expenses reimbursed by pet insurance.

(c)In the case where the credit allowed by this section exceeds the “net tax,” the excess may be carried over to reduce the “net tax” in the following taxable year, and succeeding six years if necessary, until the credit is exhausted.

(d)

(c) This section shall remain in effect only until December 1, 2023, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (c), until the credit is exhausted.

(e)

(d) Section 41 does not apply to the credit allowed by this section.

SEC. 2.

 This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.