SB 529: Personal income taxes: deduction: California qualified tuition program.

The bill aims to provide a tax deduction for contributions to a California Qualified Tuition Program. It allows taxpayers to deduct a maximum of $5,000 or $10,000 per year for contributions to the program, which helps with higher education expenses. The deduction is available for taxable years starting January 1, 2026. If the contribution exceeds qualified higher education expenses, the excess amount will be added to the taxpayer's gross income. The bill requires the collection of data to measure the effectiveness of the tax deduction. It takes effect immediately as a tax levy, allowing taxpayers to start benefiting from the deduction in the upcoming tax year.