BILL NUMBER: AB 1175	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Fletcher
   (Coauthor: Assembly Member Perea)

                        FEBRUARY 18, 2011

   An act to add Section 19304 Revenue and Taxation Code, relating to
taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1175, as introduced, Fletcher. Franchise Tax Board: refunds:
direct deposit: 529 savings account.
   Existing law requires the Franchise Tax Board to make a refund to
a taxpayer of any overpayment of taxes. Existing law requires the
Franchise Tax Board to revise the returns to allow a taxpayer to
designate financial institutions for direct deposit of a refund.
   This bill would require the Franchise Tax Board to revise returns
to allow a taxpayer to designate a 529 college savings account for
direct deposit of the taxpayer's refund.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 19304 is added to the Revenue and Taxation
Code, to read:
   19304.  The Franchise Tax Board shall revise returns required to
be filed, pursuant to Article 1 (commencing with Section 18501) of
Chapter 2 of Part 10.2 of Division 2 to allow a taxpayer, who is an
individual, to designate a 529 college savings account, as provided
in Section 529 of the Internal Revenue Code, for direct deposit of
the taxpayer's refund.