SB 3 — 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 3 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, as defined to be limited to a home that was never previously occupied, on or 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 allow the credit to taxpayers who purchased a qualified principal residence on or after March 1, 2009, and before July 1, 2009, and on or after the effective date of this bill and before July 1, 2010. This bill, for purchases of qualified principal residences made on and after the effective date of this bill and before July 1, 2010, would allow the credit with respect to a new or existing qualified principal residence. 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 new or existing qualified principal residence on or 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 3?

SB 3 is sponsored by Calderon.

What is the current status of SB 3?

This bill died with 2009-2010, 6th Special 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 3?

Track SB 3 free on One Click Politics — get push/email alerts when it moves.