SACRAMENTO, Jan. 4, 2017 – Senate President pro Tempore Kevin de León (D-Los Angeles) introduced legislation today to protect California residents from the targeted federal tax increases that were enacted in the GOP’s recent tax reform.
“The Republican tax plan gives corporations and hedge-fund managers a trillion-dollar tax cut and expects California taxpayers to foot the bill,” Senator de León said. “We won’t allow California residents to be the casualty of this disastrous tax scheme.”
SB 227, the Protect California Taxpayers Act, would allow taxpayers to make charitable donation to the California Excellence Fund, and in return receive a dollar-for-dollar tax credit on the full amount of their contribution.
Taxpayers will then be able to deduct their contribution to the Fund from their federal taxes, as they have historically done with their state tax payments. SB 227 is modeled after laws Senator de León authored in 2014 – SB 798 and SB 174, which provided tax credits on charitable donations made to state college affordability grants, like the Cal Grant program.
Senator Ben Allen (D-Santa Monica) added, “I’m proud to join with Pro Tem de León and Senator Hill in authoring this proposal that seeks to preserve this important tax deduction for California taxpayers.”
Senator Jerry Hill (D-San Mateo and Santa Clara) said, “This legislation will protect Californians from losing money as a result of the federal tax ripoff. I applaud Senate President de León for leading this effort that will help many of my constituents and residents all over the state.”
YubaNet is powered by your subscription