California 2009-2010 Regular Session Status: In Committee

AB 902 — Income tax credit: foreclosed homes: mortgage interest deduction: minimum franchise tax.

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

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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. This bill would, for taxable years beginning on or after January 1, 2009, and before January 1, 2012, allow a credit in an amount, not to exceed $3,000, that is otherwise equal to 2%, of the amount paid or incurred for the purchase as a primary residence of a foreclosed dwelling by a taxpayer whose gross income does not exceed a certain threshold. The Personal Income Tax Law allows a deduction for any qualified residence interest. This bill would, for taxable years beginning on or after January 1, 2010, and before January 1, 2012, allow that deduction only with respect to a qualified residence that is a principal residence, as provided. The Personal Income Tax Law and the Corporation Tax Law impose a specified minimum tax on partnerships, limited liability companies, and corporations. This bill would, for taxable years beginning on or after January 1, 2009, and before January 1, 2012, adjust those minimum tax amounts for inflation, as provided. This bill would take effect immediately as a tax levy.

Bill Text

Action History

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

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

  3. In committee: Set, first hearing. Hearing canceled at the request of author.

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

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

  6. Referred to Com. on REV. & TAX.

  7. From printer. May be heard in committee March 29.

  8. Read first time. To print.

Sponsors

  • Torres · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Torres

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"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.

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Subjects

taxation
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Frequently asked questions

What does AB 902 do?
The Personal Income Tax Law authorizes various credits against the taxes imposed by that law. This bill would, for taxable years beginning on or after January 1, 2009, and before January 1, 2012, allow a credit in an amount, not to exceed $3,000, that is otherwise equal to 2%, of the amount paid or incurred for the purchase as a primary residence of a foreclosed dwelling by a taxpayer whose gross income does not exceed a certain threshold. The Personal Income Tax Law allows a deduction for any qualified residence interest. This bill would, for taxable years beginning on or after January 1, 2010, and before January 1, 2012, allow that deduction only with respect to a qualified residence that is a principal residence, as provided. The Personal Income Tax Law and the Corporation Tax Law impose a specified minimum tax on partnerships, limited liability companies, and corporations. This bill would, for taxable years beginning on or after January 1, 2009, and before January 1, 2012, adjust those minimum tax amounts for inflation, as provided. This bill would take effect immediately as a tax levy.
Who sponsors AB 902?
AB 902 is sponsored by Torres.
What is the current status of AB 902?
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 AB 902?
Track AB 902 free on One Click Politics — get push/email alerts when it moves.

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