AB 59

  • California Assembly Bill
  • 2023-2024 Regular Session
  • Introduced in Assembly Dec 06, 2022
  • Assembly
  • Senate
  • Governor

Taxation: renter's credit.

Bill Subjects

Taxation Renter's Credit

Abstract

The Personal Income Tax Law authorizes various credits against the taxes imposed by that law, including a credit for qualified renters in the amount of $120 for spouses filing joint returns, heads of household, and surviving spouses if adjusted gross income is $50,000, as adjusted, or less, and in the amount of $60 for other individuals if adjusted gross income is $25,000, as adjusted, or less. Existing law requires the Franchise Tax Board to annually adjust for inflation these adjusted gross income amounts. For 2021, the adjusted gross income limit is $87,066 and $43,533, respectively. Existing law establishes the continuously appropriated Tax Relief and Refund Account in the General Fund and provides that payments required to be made to taxpayers or other persons from the Personal Income Tax Fund are to be paid from that account. This bill, for taxable years beginning on or after January 1 of the taxable year that includes the date on which funding is first authorized for purposes of this bill and for the succeeding 4 taxable years, and only when specified in a bill relating to the Budget Act, would increase the credit amount to $2,000 for spouses filing joint returns, heads of households, and surviving spouses and $1,000 for other individuals. In the event the increased credit amount is not specified in a bill relating to the Budget Act, the existing credit amounts, as described above, would be the credit amounts for that taxable year. The bill would require the Franchise Tax Board to annually recompute the credit amounts for inflation for taxable years following the first year in which the increased credit is operative, except as provided. The bill, for credits allowable for taxable years in which the above-described increased credit is operative, would provide that the credit amount in excess of the qualified renter's liability would be refundable and paid from the Tax Relief and Refund Account to the qualified renter upon appropriation by the Legislature. Existing law requires any bill authorizing a new tax credit to contain, among other things, specific goals, purposes, and objectives that the tax credit will achieve, detailed performance indicators, and data collection requirements. The bill would provide findings and declarations relating to the goals, purposes, and objectives of this credit. This bill would take effect immediately as a tax levy.

Bill Sponsors (15)

Votes


Actions


Feb 01, 2024

Assembly

From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

Jan 31, 2024

Assembly

Died pursuant to Art. IV, Sec. 10(c) of the Constitution.

May 18, 2023

Assembly

In committee: Held under submission.

Assembly

Joint Rule 62(a), file notice suspended. (Page 1580.)

May 17, 2023

Assembly

In committee: Set, first hearing. Referred to APPR. suspense file.

  • Referral-Committee
APPR. suspense file. APPR

May 02, 2023

Assembly

From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (May 1). Re-referred to Com. on APPR.

  • Committee-Passage
  • Committee-Passage-Favorable
  • Referral-Committee
Com. on APPR.

Apr 06, 2023

Assembly

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

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

Apr 05, 2023

Assembly

From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

Mar 14, 2023

Assembly

In committee: Set, first hearing. Referred to REV. & TAX. suspense file.

  • Referral-Committee
REV. & TAX REV. & TAX. suspense file.

Feb 14, 2023

Assembly

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

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

Feb 13, 2023

Assembly

From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

Jan 26, 2023

Assembly

Referred to Com. on REV. & TAX.

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

Jan 04, 2023

Assembly

Read first time.

Dec 07, 2022

Assembly

From printer. May be heard in committee January 6.

Dec 06, 2022

Assembly

Introduced. To print.

Bill Text

Bill Text Versions Format
AB59 HTML
12/06/22 - Introduced PDF
02/13/23 - Amended Assembly PDF
04/05/23 - Amended Assembly PDF

Related Documents

Document Format
03/10/23- Assembly Revenue and Taxation PDF
04/28/23- Assembly Revenue and Taxation PDF
05/15/23- Assembly Appropriations PDF

Sources

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