California AB2444 modifies tax treatment of contributions to and distributions from the Scholarshare trust, a 529 college savings plan.

California AB2444 amends the Revenue and Taxation Code to modify the tax treatment of contributions to and distributions from the Scholarshare trust, California's 529 college savings plan. The bill introduces a tax deduction for contributions made by qualified taxpayers to Scholarshare accounts, subject to certain income limits. It also specifies rules for the inclusion of distributions in gross income, including exceptions for rollovers to Roth IRAs and certain other qualified tuition programs.

California AB2444 modifies tax treatment of contributions to and distributions from the Scholarshare trust, a 529 college savings plan.

California AB2444 amends the Revenue and Taxation Code to modify the tax treatment of contributions to and distributions from the Scholarshare trust, California's 529 college savings plan. The bill introduces a tax deduction for contributions made by qualified taxpayers to Scholarshare accounts, subject to certain income limits. It also specifies rules for the inclusion of distributions in gross income, including exceptions for rollovers to Roth IRAs and certain other qualified tuition programs.