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Posted by: thepinetree on 01/05/2018 09:42 AM Updated by: thepinetree on 01/05/2018 10:59 AM
Expires: 01/01/2023 12:00 AM
:

Senate Leader de León Introduces Legislation to Allow California Taxpayers Larger Deductions

Sacramento, CA....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.”

More Information:

SB 227 Fact Sheet
KQED: ‘California Resistance’ Takes AIM at New GOP Tax Law
KQED's Forum: California Legislators Look for Tax Workarounds to Preserve Deductions
NY Times: Democrats in High-Tax States Plot to Blunt Impact of New Tax Law
NPR: How California is Responding to Tax Overhaul Bill
The Mercury News: Will California outmaneuver a new federal cap on tax deductions?

###


Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
No Subject
Posted on: 2018-01-05 10:01:12   By: Anonymous
 


[Reply ]

    Re:
    Posted on: 2018-01-05 10:10:53   By: Anonymous
     
    I wonder if the first comment is from an ignorant racist Trumptard?
    They probably think the tax bill will benefit them
    What fools


    [Reply ]

      Re:
      Posted on: 2018-01-05 10:21:46   By: Anonymous
       
      No kidding. Someone is trying to save them money and all he can do is call them names.

      Or maybe he is pro-tax and thinks it's great that Trump's new tax law requires paying federal tax on money you pay as state tax.

      [Reply ]

        Re:
        Posted on: 2018-01-05 11:00:48   By: Anonymous
         
        Brilliant...Lower Fed taxes nd we can still deduct state taxes.

        [Reply ]

      Re:
      Posted on: 2018-01-06 08:45:22   By: Anonymous
       
      Here's something new; How about cutting at least half of the "Taxes" that have already been thrust upon California taxpayers by the out of touch Governor and his lackeys in our state legislature. Then there wouldn't be a need to bash the federal tax plan.

      [Reply ]

No Subject
Posted on: 2018-01-05 10:08:04   By: Anonymous
 
I think I understand how this works but would like someone to confirm.

Let's say you typically owe $15,000 in state income and property taxes. Under the new GOP tax law that Trump signed, only $10,000 of that would be deductible on your federal income tax return. Under this proposal, you'd donate $5,000 to the CA tax charity, which still gives you a federal charitable deduction of $5,000 (i.e., you can still itemize and deduct charitable contributions). So you've get your proper federal tax deduction back as it was before the new law ($10,000 deducted as state tax and $5,000 deducted as charity).

To get that $5,000 charitable deduction you had to donate $5,000 to the CA tax charity, which would leave you out of pocket that amount. But....the proposed CA tax law would let you take a credit of $5,000 against your CA income tax. That is, your CA income tax bill is reduced by $5,000.

So you are made whole, and the state of CA is made whole because they got your $5,000 donation to pay for the $5,000 credit they gave you. And the mean-spiritedness of the GOP tax law is defeated.

Have I got this right? It seems brilliant to me.

[Reply ]

    Re:
    Posted on: 2018-01-05 12:19:44   By: Anonymous
     
    I think you've got it right. However, since it's an obvious attempt to skirt the new tax law, I'd wait and see what the Federal response is before donating to the CA fund. I'm not sure whether the IRS could make that decision on their own or whether it would have to go through Congress. If the IRS can make a call on their own, you can count on the Trump administration directing them to disallow those deductions.

    [Reply ]

      Re:
      Posted on: 2018-01-05 12:57:52   By: Anonymous
       
      It will be interesting to see how the politics plays out. I'll bet there are lot of conservatives who believe it is wrong to charge federal income tax on money paid in state taxes. And there are a lot of rich Republicans living in CA, NY, NJ, CT and other high tax states.

      [Reply ]

        Re:
        Posted on: 2018-01-05 17:15:52   By: Anonymous
         
        A variation of this move has already been in place for several years in South Carolina and Florida. So I think the IRS will have a tough argument if they want to shoot this down.

        Of course, if CA, NJ, NY, CT, and MA follow through, it will totally screw the Republican assumptions on the deficit. Instead of a $1.5 trillion additional debt, we will see a $2.4 trillion debt -- but after a couple of billion who is counting anyway?

        [Reply ]

          Re:
          Posted on: 2018-01-05 18:17:20   By: Anonymous
           
          Why don't the Commiefornia morons stop voting for politicians that tax tax and tax the tax?

          [Reply ]

            Re:
            Posted on: 2018-01-07 18:16:11   By: Anonymous
             
            You mean the people who voted for Trump and favor a tax reform that 1) primarily benefits REITs (which is where Trump and Kushner have a large %age of their money; 2) benefits corporations forever but the average taxpayer only 5 years 3) a child deduction that only benefits higher middle income families; leaving those in the lower income brackets disqualified.

            You need to READ MORE THAN A GOP SPONSORED ASSESSMENT to understand the true impact of this tax reform bill. If you think Trump was looking out for middle and lower income Americans, you are disillusioned.

            [Reply ]

No Subject
Posted on: 2018-01-05 10:23:05   By: Anonymous
 


[Reply ]

No Subject
Posted on: 2018-01-05 10:47:25   By: Anonymous
 


[Reply ]

    Re:
    Posted on: 2018-01-05 14:50:12   By: thepinetree
     
    Editor's Note: If you let us know at news@thepinetree.net about racial or offensive comments we will remove them as soon as we are back in front of machine.

    [Reply ]

      Re:
      Posted on: 2018-01-05 15:43:40   By: Anonymous
       
      Let's vote for the State of Jefferson !

      [Reply ]

        Re:
        Posted on: 2018-01-05 20:00:47   By: Anonymous
         
        Details

        Spend a memorable getaway in this spacious, three-bedroom luxury property in Paynes Bay, it’s part of an upscale condominium development close to the beach and is one of our top beachfront Barbados vacation rentals. The island of Barbados offers visitors a tropical getaway like no other thanks to its perfect climate, unique culture and fine beaches that are among the best in the world.
        Beat the heat in the development’s communal freeform swimming pool surrounded by tropical gardens, or if you wish to cool off in privacy, go for a dip in the private plunge pool on the villa’s terrace—this space also features an alfresco dining area, perfect for a casual night in. Extra amenities include on-site staff like a cook and maid six days a week.
        This air-conditioned home is warmly decorated, and offers views of the sea from the living and dining area. The living room opens up to terrace and features vivid-colored plush sofas and armchairs and ornate accents. Just behind this space you’ll find a formal dining room, complete with a chandelier.
        The home’s three bedrooms can easily sleep up to six guests and children are welcome here. Each suite is individually decorated and includes a private, en-suite bathroom. The master bedroom boasts a king size bed and views of the ocean; one guest suite offers a queen size bed, while the remaining room’s two twins are ideal for children.
        During your stay at Old Trees, you’ll be only steps away from the stunning Paynes Bay beach, where you can choose to sunbathe on its golden sands on a lounge chair, swim with the turtles, or try out a new water sport. There’s world-class golfing greens nearby, as well as tennis courts, shopping and ocean-side restaurants.
        Copyright © Luxury Retreats. All rights reserved.


        Bedroom / Bathroom Description
        Bedroom 1 King size bed (2 twins pushed together), Air conditioning, En-suite bathroom
        Bedroom 2 King size bed (2 twins pushed together), Air conditioning, En-suite bathroom
        Bedroom 3 2 Twin beds (can be converted to king size bed), Air conditioning, En-suite bathroom

        Features & Amenities
        Central Air conditioning
        Cable TV
        CD Player
        Internet access
        Ceiling fan
        Safe
        Hairdryer
        Stereo

        Outdoor Features
        Shared pool
        Plunge pool
        Alfresco dining
        2 kayaks and 2 paddle boards (Available from 8:30am - 5:30 pm)
        Life jackets
        Staff & Services
        Included:
        Housekeeper (8:00am - 4:00pm, 6 days a week)
        Cook (8:00am - 4:00pm, 6 days a week)
        Cook (prepares 3 meals a day)
        Maid/Laundress
        Security check point at the main entrance of the property
        Extra Cost (advance notice may be required):
        Villa pre-stocking
        Activities and excursions

        Villa Policies
        Maximum 6 guests
        Children welcome
        Non smoking villa
        Pets are not allowed

        Getting There
        Rental car recommended

        [Reply ]

      Re: "happy hay"
      Posted on: 2018-01-05 20:01:23   By: Anonymous
       
      racist.

      [Reply ]


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