California 2011-2012 Regular Session Status: In Committee

AB 726 — Personal income taxes: exclusions: rollovers.

Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

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  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 2011-2012 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This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

The Personal Income Tax Law provides various exclusions from gross income in computing tax liability and, in modified conformity to federal law, imposes a penalty tax upon early distributions from tax-deferred retirement accounts, as provided. This bill would provide an exclusion from gross income for moneys removed from a specified savings plan and deposited directly into a health savings account, as provided, and would waive that penalty tax for early distribution. This bill would take effect immediately as a tax levy.

Bill Text

Action History

  1. From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  2. Died pursuant to Art. IV, Sec. 10(c) of the Constitution.

  3. In committee: Set, second hearing. Held under submission.

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

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

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

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

  8. From printer. May be heard in committee March 20.

  9. Read first time. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 120 not signed on

Sponsors (1)

  • Morrell

Co-sponsors (1)

Not signed on (120)

120 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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation health-insurance
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Frequently asked questions

What does AB 726 do?
The Personal Income Tax Law provides various exclusions from gross income in computing tax liability and, in modified conformity to federal law, imposes a penalty tax upon early distributions from tax-deferred retirement accounts, as provided. This bill would provide an exclusion from gross income for moneys removed from a specified savings plan and deposited directly into a health savings account, as provided, and would waive that penalty tax for early distribution. This bill would take effect immediately as a tax levy.
Who sponsors AB 726?
AB 726 is sponsored by Beth Gaines and Morrell.
What is the current status of AB 726?
This bill died with 2011-2012 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 726?
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Last checked for changes 3 months ago · updated continuously

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