Caballero
Author
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. This bill would limit the total amount of credits to $200,000,000 and would require that the aggregate limitation of $100,000,000 in credits for the purchase of qualified principal residences that have never been occupied be reduced by 70% of the credit amount allocated under each certification by the Franchise Tax Board, and would require that the aggregate limitation of $100,000,000 in credits for the purchase of a qualified principal residence by first-time home buyers be reduced by 57% of the credit amount allocated under each certification by the Franchise Tax Board. 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.
Chaptered by Secretary of State - Chapter 12, Statutes of 2010.
Approved by the Governor.
Senate amendments concurred in. To enrollment. (Ayes 67. Noes 2. Page 4362.)
Assembly Rule 77 suspended. (Page 4362.)
In Assembly. Concurrence in Senate amendments pending. May be considered on or after March 24 pursuant to Assembly Rule 77.
Read third time, passed, and to Assembly. (Ayes 29. Noes 1. Page 2981.)
From committee: Do pass. (Ayes 15. Noes 0.) (March 22).
Ordered to third reading.
Enrolled and to the Governor at 6 p.m.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R.
(Corrected March 23.)
Read second time. To third reading.
Read third time, amended. To second reading.
Read second time. To third reading.
Withdrawn from committee. Ordered placed on second reading file.
Read third time, passed, and to Senate. (Ayes 51. Noes 0. Page 1224.)
In Senate. Read first time. To Com. on RLS. for assignment.
Read second time. To third reading.
Withdrawn from committee. Ordered placed on second reading file.
From printer. May be heard in committee March 5.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB183 | HTML |
| 02/02/09 - Introduced | |
| 09/04/09 - Amended Senate | |
| 03/18/10 - Amended Senate | |
| 03/22/10 - Enrolled | |
| 03/25/10 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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