§ 17141.5. — 17141.5. (Added by Stats. 2022, Ch. 569, Sec. 54.)

California § 17141.5.

• Jurisdiction: California
• Code RTC: Revenue and Taxation Code - RTC
• Div. 2.: DIVISION 2. OTHER TAXES
• Part 10.: PART 10. PERSONAL INCOME TAX
• Ch. 3.: CHAPTER 3. Computation of Taxable Income
• Art. 3.: ARTICLE 3. Items Specifically Excluded from Gross Income

Text

(a)
Notwithstanding any other law or guidance, for taxable years beginning on or after January 1, 2023, gross income does not include either of the following:
(1)
Any funds deposited, any investment returns accrued, and any accrued interest in a trust account under the California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Act (Chapter 16.1 (commencing with Section 18997.5) of Part 6 of Division 9 of the Welfare and Institutions Code).
(2)
Any funds from the trust account described in paragraph (1) that is withdrawn or transferred by an eligible youth.
(b)
Notwithstanding any
other law or guidance, for taxable years beginning on or after January 1, 2023, funds deposited, any investment returns accrued, and any accrued interest in a trust account under the California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Act (Chapter 16.1 (commencing with Section 18997.5) of Part 6 of Division 9 of the Welfare and Institutions Code) and any funds from a trust account that is withdrawn or transferred by an eligible youth shall not be considered earned income for purposes of eligibility for the California Earned Income Tax Credit pursuant to Section 17052 and the Young Child Tax Credit pursuant to Section 17052.1.

Legislative History

Added by Stats. 2022, Ch. 569, Sec. 54. (AB 156) Effective September 27, 2022.