Statute · California Government Code
Cal. Gov't Code § 95507 — CALIFORNIA SAVINGS AND ASSET PROJECT
Cal. Gov't Code § 95507
- Type
- Statute
- Source
- California Government Code
- Jurisdiction
- California
- Date
- 2003-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
Pursuant to Internal Revenue Service Ruling 99-44, interest earned on funds deposited in the individual development account by the participant is taxable to the participant in the year it is earned, and funds matched to an individual development account are considered a gift at the time they are…
Citator
Cal. Gov't Code § 95507 — CALIFORNIA SAVINGS AND ASSET PROJECT is in force in the current edition of the Code, and nothing recorded condemns it.
Pursuant to Internal Revenue Service Ruling 99-44, interest earned on funds deposited in the individual development account by the participant is taxable to the participant in the year it is earned, and funds matched to an individual development account are considered a gift at the time they are paid and, therefore, are not considered taxable income to the participant.