California 2021-2022 Regular Session Status: In Committee

AB 704 — Personal income taxes: deduction: qualified education loans.

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 2021-2022 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

(1) The Personal Income Tax Law allows, by way of conformity with deductions allowed under federal income tax law, various deductions in computing the income that is subject to the taxes imposed by the Personal Income Tax Law, including a deduction against gross income for interest paid on qualified education loans not to exceed a specified limit. This bill, for taxable years beginning on or after January 1, 2023, and before January 1, 2028, would remove the limit on the deduction described above, as specified. (2) Existing law requires that any bill introduced on or after January 1, 2020, that would authorize certain tax expenditures, as defined, or tax exemptions contain, among other things, specific goals, purposes, and objectives that the tax expenditure or exemption will achieve, detailed performance indicators, and data collection requirements. This bill would express findings and declarations of the Legislature concerning the additional information required for any bill authorizing a new tax expenditure. The bill would require the Franchise Tax Board to review on an annual basis, beginning on January 1, 2024, the effectiveness of the deduction and to provide an annual written report of its findings to specified legislative committees. (3) 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: Held under submission.

  4. Re-referred to Com. on APPR.

  5. Read second time and amended.

  6. From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 1.) (January 10).

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

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

  9. In committee: Hearing postponed by committee.

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

  11. From printer. May be heard in committee March 19.

  12. Read first time. To print.

Sponsors

  • Mayes · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on · 1 voted No

Sponsors (1)

  • Mayes

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

Votes

Do pass as amended and be re-referred to the Committee on [Appropriations]

Passed 10 Yea · 1 Nay
Party YeaNayPresentNot Voting
Unaffiliated 4000
Republican 2000
Democratic 4100
Total 10100
% of votes cast 91%9%0%0%
How each member voted (11)
Member Party Vote
Wood — Yea
Friedman — Yea
Mathis — Yea
Luz Rivas — Yea
Addis, Dawn Democratic Yea
Muratsuchi, Al Democratic Yea
Pellerin, Gail Democratic Yea
Ward, Christopher M. Democratic Yea
Zbur, Rick Chavez Democratic Nay
Flora, Heath Republican Yea
Hoover, Josh Republican Yea

Official roll call →

Do pass as amended and be re-referred to the Committee on [Appropriations]

Passed 6 Yea · 1 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 2104
Democratic 3000
Republican 1000
Total 6104
% of votes cast 55%9%0%36%
How each member voted (11)
Member Party Vote
Quirk — Nay
Levine — Not Voting
Mayes — Not Voting
Gray — Not Voting
Burke — Not Voting
Mullin — Yea
Luz Rivas — Yea
Grayson, Timothy S. Democratic Yea
Nguyen, Stephanie Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Seyarto, Kelly Republican Yea

Official roll call →

Subjects

taxation education
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Frequently asked questions

What does AB 704 do?
(1) The Personal Income Tax Law allows, by way of conformity with deductions allowed under federal income tax law, various deductions in computing the income that is subject to the taxes imposed by the Personal Income Tax Law, including a deduction against gross income for interest paid on qualified education loans not to exceed a specified limit. This bill, for taxable years beginning on or after January 1, 2023, and before January 1, 2028, would remove the limit on the deduction described above, as specified. (2) Existing law requires that any bill introduced on or after January 1, 2020, that would authorize certain tax expenditures, as defined, or tax exemptions contain, among other things, specific goals, purposes, and objectives that the tax expenditure or exemption will achieve, detailed performance indicators, and data collection requirements. This bill would express findings and declarations of the Legislature concerning the additional information required for any bill authorizing a new tax expenditure. The bill would require the Franchise Tax Board to review on an annual basis, beginning on January 1, 2024, the effectiveness of the deduction and to provide an annual written report of its findings to specified legislative committees. (3) This bill would take effect immediately as a tax levy.
Who sponsors AB 704?
AB 704 is sponsored by Mayes.
What is the current status of AB 704?
This bill died with 2021-2022 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 704?
Track AB 704 free on One Click Politics — get push/email alerts when it moves.

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