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Franklin Foil
State Senator Franklin Foil discussed two bills he pre-filed for the upcoming legislative session starting April 14th. The first bill aims to exclude certain amounts deposited into ABLE accounts for qualified expenses of persons with disabilities from state income tax. Foil explained that ABLE accounts, established several years ago, allow parents to save money for their child's future needs, such as education, healthcare, and job training, without affecting the child's eligibility for federal benefits. He emphasized the importance of fairness, giving parents the same opportunity to save for their child's future as they would for college savings accounts.
The bill proposes a state tax deduction similar to the one for college savings accounts, providing financial relief to families. The second bill seeks to increase the individual income tax exemption for deposits in the START K12 program accounts. Foil noted that this program was set up alongside Trump's tax cuts, allowing parents to receive federal tax breaks for K-12 education savings. Initially, the state did not offer any income tax breaks due to budget constraints, but Foil later introduced a $1200 exemption. The new bill aims to raise this exemption to $2400 per person, aligning it with college savings accounts and ABLE accounts.
This change would benefit families saving for private school tuition, with the option to roll unused funds into a college savings account. Foil also addressed the broader context of state income tax reductions, highlighting the recent decrease from 4.5% to 3%. He acknowledged the desire to eliminate state income tax entirely but stressed the need for responsible budgeting. The proposed bills offer incremental tax breaks to support families saving for their children's education and future needs. Additionally, Foil mentioned ongoing efforts to address insurance issues in the state, particularly property and auto insurance. He noted that interim meetings with industry experts have provided valuable insights, and he anticipates legislative action to improve the current situation.
The bill proposes a state tax deduction similar to the one for college savings accounts, providing financial relief to families. The second bill seeks to increase the individual income tax exemption for deposits in the START K12 program accounts. Foil noted that this program was set up alongside Trump's tax cuts, allowing parents to receive federal tax breaks for K-12 education savings. Initially, the state did not offer any income tax breaks due to budget constraints, but Foil later introduced a $1200 exemption. The new bill aims to raise this exemption to $2400 per person, aligning it with college savings accounts and ABLE accounts.
This change would benefit families saving for private school tuition, with the option to roll unused funds into a college savings account. Foil also addressed the broader context of state income tax reductions, highlighting the recent decrease from 4.5% to 3%. He acknowledged the desire to eliminate state income tax entirely but stressed the need for responsible budgeting. The proposed bills offer incremental tax breaks to support families saving for their children's education and future needs. Additionally, Foil mentioned ongoing efforts to address insurance issues in the state, particularly property and auto insurance. He noted that interim meetings with industry experts have provided valuable insights, and he anticipates legislative action to improve the current situation.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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By Brian HaldaneState Senator Franklin Foil discussed two bills he pre-filed for the upcoming legislative session starting April 14th. The first bill aims to exclude certain amounts deposited into ABLE accounts for qualified expenses of persons with disabilities from state income tax. Foil explained that ABLE accounts, established several years ago, allow parents to save money for their child's future needs, such as education, healthcare, and job training, without affecting the child's eligibility for federal benefits. He emphasized the importance of fairness, giving parents the same opportunity to save for their child's future as they would for college savings accounts.
The bill proposes a state tax deduction similar to the one for college savings accounts, providing financial relief to families. The second bill seeks to increase the individual income tax exemption for deposits in the START K12 program accounts. Foil noted that this program was set up alongside Trump's tax cuts, allowing parents to receive federal tax breaks for K-12 education savings. Initially, the state did not offer any income tax breaks due to budget constraints, but Foil later introduced a $1200 exemption. The new bill aims to raise this exemption to $2400 per person, aligning it with college savings accounts and ABLE accounts.
This change would benefit families saving for private school tuition, with the option to roll unused funds into a college savings account. Foil also addressed the broader context of state income tax reductions, highlighting the recent decrease from 4.5% to 3%. He acknowledged the desire to eliminate state income tax entirely but stressed the need for responsible budgeting. The proposed bills offer incremental tax breaks to support families saving for their children's education and future needs. Additionally, Foil mentioned ongoing efforts to address insurance issues in the state, particularly property and auto insurance. He noted that interim meetings with industry experts have provided valuable insights, and he anticipates legislative action to improve the current situation.
The bill proposes a state tax deduction similar to the one for college savings accounts, providing financial relief to families. The second bill seeks to increase the individual income tax exemption for deposits in the START K12 program accounts. Foil noted that this program was set up alongside Trump's tax cuts, allowing parents to receive federal tax breaks for K-12 education savings. Initially, the state did not offer any income tax breaks due to budget constraints, but Foil later introduced a $1200 exemption. The new bill aims to raise this exemption to $2400 per person, aligning it with college savings accounts and ABLE accounts.
This change would benefit families saving for private school tuition, with the option to roll unused funds into a college savings account. Foil also addressed the broader context of state income tax reductions, highlighting the recent decrease from 4.5% to 3%. He acknowledged the desire to eliminate state income tax entirely but stressed the need for responsible budgeting. The proposed bills offer incremental tax breaks to support families saving for their children's education and future needs. Additionally, Foil mentioned ongoing efforts to address insurance issues in the state, particularly property and auto insurance. He noted that interim meetings with industry experts have provided valuable insights, and he anticipates legislative action to improve the current situation.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.