Personal Income Tax Law: young child tax credit.
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Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies the Young Child Tax Credit in California’s personal income tax law. It changes the age requirement for a ‘qualifying child’ to be under 18 years old starting in 2038, instead of the current age of six. The bill also aims to increase payments from the Tax Relief and Refund Account to support the credit, and includes additional reporting requirements to assess the credit's impact on poverty reduction.
Key provisions
- Increases the qualifying child age to under 18 years old starting January 1, 2038.
- Modifies the definition of ‘qualifying child’ to align with the 2038 age requirement.
- Authorizes increased payments from the Tax Relief and Refund Account to support the Young Child Tax Credit.
- Requires the Franchise Tax Board to prepare annual reports on the credit’s impact on poverty reduction.
- Includes additional reporting requirements to assess the credit’s impact on poverty reduction.
- Establishes a graduated reduction amount for the credit to prevent excessive benefits for high-income earners.
- Specifies eligibility criteria for qualified taxpayers, including income thresholds and limitations.
- Addresses regulations and procedures for administering the credit.
Who is affected
- Taxpayers with young children (under age 6, then under 18)
- Low-to-moderate income families
- The Franchise Tax Board
Bill text
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