AB 2676: Income taxes: credit: dependent care.

The Personal Income Tax Law, in modified conformity to federal income tax law, authorizes a credit for household and dependent care expenses necessary for gainful employment, as provided. That law provides that the amount of the state credit is a percentage of the allowable federal credit determined on the basis of the amount of federal adjusted gross income earned, as provided.

This bill, for taxable years beginning on or after January 1, 2016, and before January 1, 2019, would increase the amount of the applicable state credit percentage and revise adjusted gross income amounts, as provided. for taxpayers with adjusted gross income amounts of $70,000 or less, as provided.

This bill would take effect immediately as a tax levy.