SB 49 is sponsored by Aanestad, Benoit, Cedillo, Cogdill, Denham, Dutton, Harman, Huff, Maldonado, Walters, Wyland, Padilla, Stephen C. (Democratic), and Strickland, Tony (Republican).

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California 2009-2010 Regular Session Status: In Committee Bipartisan · 1 D · 1 R cosponsors

SB 49 — Income tax credit: qualified principal residence.

Last action February 01, 2010 — Returned to Secretary of Senate pursuant to Joint Rule 56.

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Introduced
2
In Committee
3
Passed Senate
4
Passed Assembly
5
To Executive
6
Enacted

This bill died with 2009-2010 Regular Session. It reached “In Committee” 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.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

The Personal Income Tax Law authorizes various credits against the taxes imposed by that law. Existing law authorizes 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, purchased on and after March 1, 2009, and before March 1, 2010, or $10,000, allocated by the Franchise Tax Board on a first-come-first-served basis. Existing law requires a taxpayer to provide the Franchise Tax Board with a certification from the seller of the qualified principal residence that the residence has never been previously occupied within one week of the sale of the residence and caps the total amount of the credit at $100,000,000. This bill would allow the tax credit for purchases of a qualified principal residence made before the date that is 12 months after the effective date of this bill, subject to specified restrictions. This bill would revise the certification requirements to provide that the taxpayer receive the certification no later than one week after the close of escrow on the qualified principal residence and that the Franchise Tax Board be provided with the certification upon request by the board. This bill would also remove the cap on the total credit amount allowed and the requirement that the tax credits be allocated on a first-come-first-served basis. This bill would take effect immediately as a tax levy.

Bill Text

Amended 01/06/10 - Amended Senate Current pdf January 06, 2010
Amended 06/09/09 - Amended Senate pdf June 09, 2009
Amended 05/26/09 - Amended Senate pdf May 26, 2009
Amended 05/06/09 - Amended Senate pdf May 06, 2009
Amended 04/14/09 - Amended Senate pdf April 14, 2009
Introduced 01/13/09 - Introduced pdf January 13, 2009
SB49 View text html

Action History

February 01, 2010
Returned to Secretary of Senate pursuant to Joint Rule 56.
January 06, 2010
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.
June 09, 2009
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.
May 26, 2009
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.
May 13, 2009
Placed on REV. & TAX. suspense file.
May 06, 2009
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.
April 14, 2009
Set for hearing May 13.
April 14, 2009
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.
April 13, 2009
Hearing postponed by committee.
April 03, 2009
Set for hearing April 22.
January 29, 2009
To Com. on REV. & TAX.
January 14, 2009
From print. May be acted upon on or after February 13.
January 13, 2009
Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsorship breakdown

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1 sponsors · 12 co-sponsors · 109 not signed on

Sponsors (1)

Dutton

Not signed on (109)

109 members have not signed on to this bill.

Show all 109 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation housing

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Frequently asked questions

What does SB 49 do?: The Personal Income Tax Law authorizes various credits against the taxes imposed by that law. Existing law authorizes 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, purchased on and after March 1, 2009, and before March 1, 2010, or $10,000, allocated by the Franchise Tax Board on a first-come-first-served basis. Existing law requires a taxpayer to provide the Franchise Tax Board with a certification from the seller of the qualified principal residence that the residence has never been previously occupied within one week of the sale of the residence and caps the total amount of the credit at $100,000,000. This bill would allow the tax credit for purchases of a qualified principal residence made before the date that is 12 months after the effective date of this bill, subject to specified restrictions. This bill would revise the certification requirements to provide that the taxpayer receive the certification no later than one week after the close of escrow on the qualified principal residence and that the Franchise Tax Board be provided with the certification upon request by the board. This bill would also remove the cap on the total credit amount allowed and the requirement that the tax credits be allocated on a first-come-first-served basis. This bill would take effect immediately as a tax levy.
Who sponsors SB 49?: SB 49 is sponsored by Aanestad, Benoit, Cedillo, Cogdill, Denham, Dutton, Harman, Huff, Maldonado, Walters, Wyland, Padilla, Stephen C. (Democratic), and Strickland, Tony (Republican).
What is the current status of SB 49?: This bill died with 2009-2010 Regular Session. It reached “In Committee” 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 49?: Track SB 49 free on One Click Politics — get push/email alerts when it moves.

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At a glance

Identifier: SB 49
Jurisdiction: California
Session: 2009-2010 Regular Session
Type: Bill
Introduced: January 13, 2009
Status: In Committee
Prime sponsor: Dutton

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