California 2023-2024 Regular Session Status: In Committee 6 R cosponsors

AB 1865 — Personal income taxes: exclusion: homeownership savings accounts.

Last action — In committee: Held under submission.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2023-2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

The Personal Income Tax Law, in modified conformity with federal income tax laws, generally defines "gross income" as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income for purposes of computing tax liability. This bill, on and after January 1, 2025, and before January 1, 2030, would exclude from gross income any amount accruing to a first-time homeownership savings account, as defined, whose beneficiary is a qualified taxpayer. The bill would also, for taxable years beginning on or after January 1, 2025, and before January 1, 2030, exclude from gross income any amount withdrawn from a first-time homeownership savings account that is used to pay for qualified homeownership savings expenses of a qualified taxpayer who established the account. The bill would define a first-time homeownership savings account as an account with a financial institution that is designated as a first-time homeownership savings account by the person establishing the account that meets specified requirements. Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill would include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.

Bill Text

Action History

  1. In committee: Held under submission.

  2. Joint Rule 62(a), file notice suspended. (Page 5215.)

  3. In committee: Set, first hearing. Referred to APPR. suspense file.

  4. From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (April 29). Re-referred to Com. on APPR.

  5. Re-referred to Com. on REV. & TAX.

  6. From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

  7. In committee: Set, first hearing. Referred to REV. & TAX. suspense file.

  8. Re-referred to Com. on REV. & TAX.

  9. From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

  10. Referred to Com. on REV. & TAX.

  11. From printer. May be heard in committee February 18.

  12. Read first time. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 6 co-sponsors · 115 not signed on

Sponsors (1)

Co-sponsors (6)

Not signed on (115)

115 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Votes

Subjects

taxation housing
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Frequently asked questions

What does AB 1865 do?
The Personal Income Tax Law, in modified conformity with federal income tax laws, generally defines "gross income" as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income for purposes of computing tax liability. This bill, on and after January 1, 2025, and before January 1, 2030, would exclude from gross income any amount accruing to a first-time homeownership savings account, as defined, whose beneficiary is a qualified taxpayer. The bill would also, for taxable years beginning on or after January 1, 2025, and before January 1, 2030, exclude from gross income any amount withdrawn from a first-time homeownership savings account that is used to pay for qualified homeownership savings expenses of a qualified taxpayer who established the account. The bill would define a first-time homeownership savings account as an account with a financial institution that is designated as a first-time homeownership savings account by the person establishing the account that meets specified requirements. Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill would include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.
Who sponsors AB 1865?
AB 1865 is sponsored by Jim Patterson, Alanis, Juan (Republican), Hoover, Josh (Republican), Gallagher, James (Republican), Lackey, Tom (Republican), Patterson, Joe (Republican), and Sanchez, Kate (Republican).
What is the current status of AB 1865?
This bill died with 2023-2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 1865?
Track AB 1865 free on One Click Politics — get push/email alerts when it moves.

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