California 2019-2020 Regular Session Status: In Committee

AB 2115 — Personal income taxes: gross income exclusion: homeownership savings accounts.

Last action — In committee: Set, first hearing. Hearing canceled at the request of author.

  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 2019-2020 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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, in modified conformity with federal income tax laws, allows various exclusions from gross income. This bill, on or after January 1, 2020, and before January 1, 2025, would exclude from gross income any income earned on the moneys contributed to a homeownership savings account, subject to specified restrictions, including that the account is designated as a homeownership savings account by the trustee for the benefit of a qualified taxpayer, as defined, and that the account is closed once the purchase of the qualified taxpayer's principal residence is complete. The bill would apply only to a qualified taxpayer who, among other things, resides in the County of Los Angeles, the County of Orange, or the County of San Diego, and would require that qualified homeownership savings expenses be paid or incurred in connection with the purchase of a principal residence in one of those counties. This bill would make legislative findings and declarations as to the necessity of a special statute for Counties of Los Angeles, Orange, and San Diego. This bill would take effect immediately as a tax levy.

Bill Text

What changed in the latest version

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1 line(s) added, 1 removed.

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Action History

  1. In committee: Set, first hearing. Hearing canceled at the request of author.

  2. Referred to Coms. on H. & C.D. and REV. & TAX.

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

  4. Read first time. To print.

Sponsors

  • Brough · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Brough

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"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 housing
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Frequently asked questions

What does AB 2115 do?
The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various exclusions from gross income. This bill, on or after January 1, 2020, and before January 1, 2025, would exclude from gross income any income earned on the moneys contributed to a homeownership savings account, subject to specified restrictions, including that the account is designated as a homeownership savings account by the trustee for the benefit of a qualified taxpayer, as defined, and that the account is closed once the purchase of the qualified taxpayer's principal residence is complete. The bill would apply only to a qualified taxpayer who, among other things, resides in the County of Los Angeles, the County of Orange, or the County of San Diego, and would require that qualified homeownership savings expenses be paid or incurred in connection with the purchase of a principal residence in one of those counties. This bill would make legislative findings and declarations as to the necessity of a special statute for Counties of Los Angeles, Orange, and San Diego. This bill would take effect immediately as a tax levy.
Who sponsors AB 2115?
AB 2115 is sponsored by Brough.
What is the current status of AB 2115?
This bill died with 2019-2020 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 2115?
Track AB 2115 free on One Click Politics — get push/email alerts when it moves.

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