Today's Law As Amended

PDF |Add To My Favorites |Track Bill | print page

AB-1606 University of California: school of medicine: San Joaquin Valley Regional Campus Medical Education Endowment Fund. (2019-2020)



SECTION 1.

 Section 92163 is added to the Education Code, to read:

92163.
 (a) The State Controller shall transfer from the General Fund to the University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund an amount equal to the annual estimate of the revenues derived from the disallowance of the deduction pursuant to Section 17201.2 of the Revenue and Taxation Code, until the amount of five hundred million dollars ($500,000,000) has been reached in the latter fund.
(b) For the purposes of subdivision (a), the Franchise Tax Board, in consultation with the Department of Finance, shall estimate and annually report to the State Controller the amount of revenue derived from the disallowance of the deduction pursuant to Section 17201.2 of the Revenue and Taxation Code.

SEC. 2.

 Section 17201.2 is added to the Revenue and Taxation Code, to read:

17201.2.
 For taxable years beginning on or after January 1, 2019, Section 165(d) of the Internal Revenue Code, relating to wagering losses, shall not apply.
SEC. 3.
 This act is an urgency statute necessary for the immediate preservation of the public peace, health, or safety within the meaning of Article IV of the California Constitution and shall go into immediate effect. The facts constituting the necessity are:
Residents of the San Joaquin Valley in California lack access to trained medical providers for their immediate health care needs due to the need for more trained medical professionals in the area.