Bill
AB 1354
Overview: AB 1354 is a bill that proposes changes to the Personal Income Tax Law regarding tax credits related to insurance.Purpose and Intent: The main goal of this bill is to pro
Overview: AB 1354 is a bill that proposes changes to the Personal Income Tax Law regarding tax credits related to insurance.
Purpose and Intent: The main goal of this bill is to provide tax credits to individuals who purchase certain types of insurance policies, such as health, life, or disability insurance. The intent is to incentivize individuals to obtain insurance coverage and to make it more affordable for them to do so.
Key Provisions:
- Allows a tax credit for premiums paid on qualified insurance policies
- Defines the types of insurance policies that qualify for the credit, including health, life, and disability insurance
- Specifies the maximum credit amount and the income thresholds for eligibility
- Requires the Franchise Tax Board to develop regulations and procedures for claiming the credit
Affected Parties and Impacts: The primary beneficiaries of this bill would be individuals and families who purchase qualifying insurance policies. By providing a tax credit, the bill aims to make insurance more accessible and affordable, particularly for those with lower or moderate incomes.
Procedural and Timeline Considerations: The bill is currently in committee and has not yet been voted on by the full legislature. If passed, the tax credit provisions would likely take effect in the next tax year, allowing individuals to claim the credit when filing their annual tax returns.
Compiled from official sources — confirm details with the bill’s official record.
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