summary
Introduced
01/23/2023
01/23/2023
In Committee
06/13/2024
06/13/2024
Crossed Over
01/29/2024
01/29/2024
Passed
Dead
11/30/2024
11/30/2024
Introduced Session
2023-2024 Session
Bill Summary
An act to amend Sections 17131.4, 17131.5, 17215.1, and 17215.4 of, and to add and repeal Section 17217 of, the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
AI Summary
This bill allows a deduction in computing adjusted gross income for contributions to health savings accounts (HSAs) in modified conformity with federal law. For tax years 2025 through 2029, the bill sets income limits for eligibility, allows rollovers from other accounts to HSAs, and modifies the penalty for non-qualified distributions. The bill also requires the Franchise Tax Board to report on the usage and cost of the deduction. The bill takes effect immediately as a tax levy.
Committee Categories
Budget and Finance
Sponsors (10)
Kelly Seyarto (R)*,
Marie Alvarado-Gil (R),
Phillip Chen (R),
Brian Dahle (R),
Heath Flora (R),
Shannon Grove (R),
Brian Jones (R),
Devon Mathis (R),
Janet Nguyen (R),
Rosilicie Ochoa Bogh (R),
Last Action
July 1 hearing. Held in committee and under submission. (on 07/01/2024)
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