SB 913 — Income tax: credit: purchase: principal residence.

1 sponsors · 0 co-sponsors · 121 not signed on

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Frequently asked questions

What does SB 913 do?

(1) The Personal Income Tax Law authorizes a credit against the taxes imposed by that law in an amount equal to the lesser of 5% of the purchase price or $10,000 in the case of the purchase of a qualified principal residence on and after March 1, 2009, and before March 1, 2010, but not to exceed an aggregate limitation of $100,000,000 for all credits allowable. Existing law requires, for each amount of credit allowed, that a certification that the residence has never been occupied be provided to the Franchise Tax Board within one week of the sale of the qualified principal residence. This bill would limit the credit to taxpayers who purchased a qualified principal residence on and after March 1, 2009, and before July 1, 2009, and on and after the effective date of this bill and before July 1, 2010. This bill would increase the aggregate amount of credits that may be allowed by requiring the aggregate limitation of $100,000,000 in credits to be reduced by only 70% of the credit amount allocated under each certification received by the Franchise Tax Board. This bill would also authorize a credit in an amount equal to the lesser of 5% of the purchase price or $10,000 in the case of the purchase of a qualified principal residence on and after the date upon which all tax credits have been allocated under the previous tax credit and before January 1, 2011, but not to exceed an aggregate limitation of $200,000,000 for all credits allowable under this tax credit. This bill would require that the aggregate limitation of $200,000,000 in credits be reduced by only 70% of the credit amount allocated under each certification received by the Franchise Tax Board. (2) The bill would appropriate the sum of $44,000 from the General Fund to the Franchise Tax Board, in augmentation of a specified appropriation made in the 2009–10 Budget Act. (3) This bill would declare that it is to take effect immediately as an urgency statute.

Who sponsors SB 913?

SB 913 is sponsored by Calderon.

What is the current status of SB 913?

This bill died with 2009-2010 Regular Session. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

Where can I track SB 913?

Track SB 913 free on One Click Politics — get push/email alerts when it moves.