CaliforniaPersonal income tax: exclusions: interest income: theft.
What it does
The Personal Income Tax Law, in conformity with federal income tax law, generally defines "gross income" as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income. Existing law, in modified conformity with federal income tax law, allows a deduction for specified investment interest, not to exceed the net investment income of the taxpayer for the taxable year, as provided.
More detail
This bill, for taxable years beginning on or after January 1, 2026, would provide an exclusion from gross income for any amount of interest income that a taxpayer generates on an investment during the taxable year and, without the qualified taxpayer's consent and against the qualified taxpayer's will, is stolen, sold, or otherwise transferred, as specified.
This bill would take effect immediately as a tax levy.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Feb 2From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.Latest
- Jan 31Died pursuant to Art. IV, Sec. 10(c) of the Constitution.Major
- 2025
- Apr 21In committee: Set, first hearing. Hearing canceled at the request of author.
- Mar 24In committee: Hearing postponed by committee.
- Mar 3Referred to Com. on REV. & TAX.Minor
- Feb 15From printer. May be heard in committee March 17.
- Feb 14Read first time. To print.Introduced