The Personal Income Tax Law allows various credits against the taxes imposed by those laws.
This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2019, and before January 1, 2024, in an amount equal to 20% of a qualified contribution, as defined, paid or incurred by a taxpayer during the taxable year, not to exceed $750.
The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions from gross income in computing adjusted gross income under that law, including deductions for payments to individual retirement accounts, alimony payments, and interest on educational loans.This bill, for each taxable year beginning on or after January 1, 2019, would allow to qualified taxpayers, as defined, a deduction from gross income for qualified expenses related to the care of a dependent parent or stepparent. The bill would also, for each taxable year beginning on or after January 1, 2019, allow to qualified taxpayers, as defined, a deduction from gross income for qualified expenses related to the care of a dependent child, as
defined. The bill would additionally, for each taxable year beginning on or after January 1, 2019, allow to qualified taxpayers, as defined, a deduction from gross income for amounts contributed to a trust fund to pay for the care and medical expenses of a dependent child or dependent parent or stepparent, as provided.This bill would take effect immediately as a tax levy.
2MIN