Newsom vetoes bill that would have created a state-tax deduction for college savings
Californians’ best hopes of getting a state-tax incentive for investing in the state’s college savings plan were dashed Sunday after Gov. Gavin Newsom vetoed a bill that would have created one.
The bill, AB211, had passed the Senate and Assembly with zero votes against it. In his veto message, Newsom wrote, “While I appreciate the Legislature’s intent, a careful balancing of the benefits of the proposed tax deduction in relation to the revenue loss, approximately $13 million, would be better addressed through the annual budget process.”