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AB-1335 Personal income tax: returns: financial aid.(2019-2020)

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Date Published: 03/26/2019 09:00 PM
AB1335:v98#DOCUMENT

Amended  IN  Assembly  March 26, 2019

CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill
No. 1335


Introduced by Assembly Member Calderon

February 22, 2019


An act to amend Section 6001 of the Revenue and Taxation Code, relating to taxation. An act to add Section 18511 to the Revenue and Taxation Code, relating to taxation.


LEGISLATIVE COUNSEL'S DIGEST


AB 1335, as amended, Calderon. Sales and use taxes. Personal income tax: returns: financial aid.
Existing law, the Personal Income Tax Law, imposes taxes on taxable income, as provided. Existing law requires every individual taxable under that law to make a return to the Franchise Tax Board, stating specifically the items of the individual’s gross income from all sources and the deductions and credits allowable, as specified.
Existing law establishes the Student Aid Commission as the state agency for the administration of state-authorized student financial aid programs available to postsecondary education students.
This bill would require, for taxable years beginning on or after January 1, 2021, the Franchise Tax Board to revise the returns required to be filed pursuant to the Personal Income Tax Law to allow a taxpayer to authorize the Franchise Tax Board to share the information contained in the returns with the Student Aid Commission for the purpose of providing the taxpayer with financial aid estimates for the financing of postsecondary education, as specified. The bill would require the Franchise Tax Board to consult and develop an information sharing agreement with the Student Aid Commission in order to facilitate the provision of those financial aid estimates and would require the Student Aid Commission to provide the taxpayer with financial aid estimates in a manner determined by the commission.

Existing sales and use tax laws impose a tax on retailers measured by the gross receipts from the sale of tangible personal property sold at retail in this state, or on the storage, use, or other consumption in this state of tangible personal property purchased from a retailer for storage, use, or other consumption in this state.

This bill would make nonsubstantive changes to the provision designating the Sales and Use Tax Law.

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NOYES   Local Program: NO  

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


SECTION 1.

 Section 18511 is added to the Revenue and Taxation Code, to read:

18511.
 (a) For taxable years beginning on or after January 1, 2021, the Franchise Tax Board shall revise the returns required to be filed pursuant to this article as follows:
(1) The Franchise Tax Board shall revise the returns to allow a taxpayer to authorize the Franchise Tax Board to share the information contained in the returns with the Student Aid Commission for the purpose of providing the taxpayer with financial aid estimates for the financing of postsecondary education.
(2) The Franchise Tax Board shall revise the returns to allow the taxpayer to specify whether they are requesting financial aid information for themselves, their spouse in the case of a joint return, or a dependent.
(b) The Franchise Tax Board shall consult and develop an information sharing agreement with the Student Aid Commission in order to facilitate the provision of financial aid estimates to the taxpayer filing a return required to be filed pursuant to this article.
(c) The Student Aid Commission shall, upon receipt of the information specified in subdivision (a), provide the taxpayer with financial aid estimates for the financing of postsecondary education in a manner determined by the commission.

SECTION 1.Section 6001 of the Revenue and Taxation Code is amended to read:
6001.

This part shall be known, and may be cited, as the Sales and Use Tax Law.