Personal Income Tax: tax credits: fire-resistant home improvements.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Died
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates a tax credit for California homeowners who make fire-resistant improvements to their primary residences. Qualified expenses include measures like Class A fire-rated roofs, enclosed eaves, and fire-resistant vents. To be eligible, homeowners must live in a high or very high fire hazard severity zone and have an adjusted gross income below $250,000 (for joint filers) or $125,000 (for other individuals). The credit is capped at $400 per year or $2,000 cumulatively, and any excess can be carried over for up to three subsequent years.
Key provisions
- Allows a 40% tax credit for qualified fire-resistant home improvements.
- Qualified expenses include specific measures like fire-rated roofs and noncombustible vertical clearance.
- Eligibility requires residence in a high or very high fire hazard severity zone.
- Income limits apply based on filing status: $250,000 for joint filers, $125,000 for others.
- Credit cap: $400 per year or $2,000 cumulative.
- Excess credits can be carried over for up to three years.
- The Franchise Tax Board will report on the credit's effectiveness by December 1, 2030.
Who is affected
- Homeowners in California
- Individuals residing in high or very high fire hazard severity zones
- Taxpayers with adjusted gross income below specified thresholds
Notable changes
Bill text
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