Taxation: renter’s credit.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Revenue and Taxation
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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 increases the renter’s tax credit available to California residents. It proposes to raise the adjusted gross income limits for eligibility and the credit amount itself. Specifically, it would increase the credit to $2,000 for married couples and heads of household, and $1,000 for other individuals, with adjusted gross income limits of $150,000 and $75,000, respectively. The credit would be funded from the Tax Relief and Refund Account and is subject to annual inflation adjustments.
Key provisions
- Increases the adjusted gross income limit for credit eligibility to $150,000 for married couples and heads of household, and $75,000 for other individuals.
- Raises the credit amount to $2,000 for married couples and heads of household, and $1,000 for other individuals.
- Establishes a process for annual inflation adjustments to the credit amount and income limits.
- Funds the credit through the Tax Relief and Refund Account.
- Requires the Franchise Tax Board to recompute credit amounts annually.
- Provides for a refundable portion of the credit exceeding tax liability.
- Includes findings and declarations regarding the credit's goals and objectives.
- Specifies requirements for data collection and reporting.
Who is affected
- Renters
- California Taxpayers
- Low- and Middle-Income Individuals
- Married Couples
- Heads of Household
Bill text
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Sponsors
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1 on record
Primary sponsor
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