California Revenue and Taxation Code

§ 17141.5

RTC § 17141.5 Effective Sep 27, 2022Div. 2 · Part 10 · Ch. 3 · Art. 3

Statute text

(a)Notwithstanding any other law or guidance, for taxable years beginning on or after January 1, 2023, gross income does not include either of the following:

(1)Any funds deposited, any investment returns accrued, and any accrued interest in a trust account under the California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Act (Chapter 16.1 (commencing with Section 18997.5) of Part 6 of Division 9 of the Welfare and Institutions Code).

(2)Any funds from the trust account described in paragraph (1) that is withdrawn or transferred by an eligible youth.

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Legislative history

Added by Stats. 2022, Ch. 569, Sec. 54. (AB 156) Effective September 27, 2022.