John M. W. Moorlach
- Republican
Author
The Personal Income Tax Law provides, in modified conformity to federal income tax laws, for the manner in which taxable gains are to be recognized upon the disposition of property, including real property that is the principal residence of the taxpayer. Existing law allows an individual to exclude from his or her gross income up to $250,000 or $500,000, as specified, of gain realized on the sale or exchange of his or her residence if the taxpayer owned and occupied the residence as a principal residence for an aggregate period of at least 2 of the 5 years prior to the sale or exchange. This bill would revise the exclusion to provide that if the buyer of a qualified principal residence, as defined, is a qualified first-time homeowner, as defined, the amount of the exclusion is increased to $300,000 or $600,000, as specified. The bill would limit the increased exclusion amount to transactions in which, on or prior to the closing date of the sale or exchange of the qualified principal residence, the seller obtains a certification from the buyer in writing, signed under penalty of perjury, that the buyer is a qualified first-time homeowner and including specified information concerning the sale of the qualified principal residence. By expanding the scope of the crime of perjury, this bill would impose 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.
May 25 hearing: Held in committee and under submission.
Set for hearing May 25.
May 22 hearing: Placed on APPR. suspense file.
Set for hearing May 22.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 0. Page 4995.) (May 9).
Set for hearing May 9.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
From printer. May be acted upon on or after March 16.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1116 | HTML |
| 02/13/18 - Introduced | |
| 04/02/18 - Amended Senate | |
| 05/10/18 - Amended Senate |
| Document | Format |
|---|---|
| No related documents. |
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