AB 2478: Personal income taxes: gross income: exclusion: student loan assistance.

The Personal Income Tax Law excludes from the gross income of an employee amounts paid or incurred by an employer for educational assistance to the employee, as specified, up to $5,250 during a calendar year.

This bill would exclude from the gross income of an employee amounts, not exceeding an aggregate amount of $5,250 per year, that are paid or incurred by an employer on and after January 1, 2018, and before January 1, 2023, for the payment of principal or interest on a qualified education loan, as defined, incurred by the employee.

This bill would take effect immediately as a tax levy.