Today's Law As Amended

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SB-444 Personal income tax: exclusions from gross income.(2021-2022)

As Amends the Law Today


 Section 17131.13 is added to the Revenue and Taxation Code, to read:

 For taxable years beginning on or after January 1, 2021, and before January 1, 2032, gross income does not include any educational award received by a taxpayer pursuant to Section 12604 of Title 42 of the United States Code, or any educational award received by a taxpayer due to the taxpayer’s participation in the California For All Education Award program.
SEC. 2.
 It is the intent of the Legislature to comply with Section 41 of the Revenue and Taxation Code.
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.