AB 1979: Personal income taxes: gross income exclusion: homeownership savings accounts.

The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various exclusions from gross income.

This bill, for taxable years beginning on or after January 1, 2018, and before January 1, 2023, would exclude from gross income any income earned on the moneys contributed to a homeownership savings account, as described.

This bill would take effect immediately as a tax levy.