SB 4

  • California Senate Bill
  • 2009-2010, 6th Special Session
  • Introduced in Senate Feb 22, 2010
  • Senate
  • Assembly
  • Governor

Income tax credit: qualified principal residence.

Abstract

The Personal Income Tax Law authorizes various credits against the taxes imposed by that law, including a credit against those taxes in an amount equal to the lesser of 5% of the purchase price of a qualified principal residence, as defined, or $10,000, for purchases made between March 1, 2009, and before March 1, 2010, subject to specified restrictions. This bill would authorize a credit against those taxes in an amount equal to the lesser of 5% of the purchase price of a qualified principal residence, as defined, or $10,000, for purchases made between May 1, 2010, and on or before December 31, 2010, or on or after December 31, 2010, and before August 1, 2011, subject to specified restrictions, including the submission of a certification to the Franchise Tax Board by either the taxpayer or seller, made under the penalty of perjury, that the residence has either never been occupied or that the taxpayer is a first-time home buyer. By expanding the definition of an existing crime, this bill imposes a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. This bill would take effect immediately as a tax levy.

Bill Sponsors (12)

Votes


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Actions


Oct 08, 2010

Senate

From committee without further action.

Feb 24, 2010

Senate

Set for hearing February 24.

Feb 23, 2010

Senate

Re-referred to Com. on REV. & TAX.

  • Referral-Committee
Com. on REV. & TAX.

Feb 22, 2010

Senate

Introduced. Read first time. To Com. on RLS.

Bill Text

Bill Text Versions Format
SB4 HTML
02/22/10 - Introduced PDF

Related Documents

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Sources

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