SB 4 — Income tax credit: qualified principal residence.
Last action — From committee without further action.
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed Assembly
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5To Executive
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6Enacted
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.
This bill is no longer active — its legislative session has ended, so there is no live prognosis.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, including 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, or $10,000, for purchases made between March 1, 2009, and before March 1, 2010, subject to specified restrictions. This bill would authorize 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, or $10,000, for purchases made between May 1, 2010, and on or before December 31, 2010, or on or after December 31, 2010, and before August 1, 2011, subject to specified restrictions, including the submission of a certification to the Franchise Tax Board by either the taxpayer or seller, made under the penalty of perjury, that the residence has either never been occupied or that the taxpayer is a first-time home buyer. By expanding the definition of an existing crime, this bill imposes a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. This bill would take effect immediately as a tax levy.
Bill Text
What changed in the latest version
1 added · 1 removed1 line(s) added, 1 removed.
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- Introduced 02/22/10 - Introduced Current pdf February 22, 2010
- SB4 View text html
Action History
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From committee without further action.
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Set for hearing February 24.
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Re-referred to Com. on REV. & TAX.
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Introduced. Read first time. To Com. on RLS.
Sponsors
- Tran · Cosponsor
- Solorio · Cosponsor
- Jeffries · Cosponsor
- Huff · Cosponsor
- Hollingsworth · Cosponsor
- Dutton · Cosponsor
- Cogdill · Cosponsor
- Ashburn · Primary
- Aanestad · Cosponsor
- Portantino · Cosponsor
- Calderon · Cosponsor
- Stephen C. Padilla · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 11 co-sponsors · 110 not signed on
Sponsors (1)
- Ashburn
Co-sponsors (11)
- Tran
- Solorio
- Jeffries
- Huff
- Hollingsworth
- Dutton
- Cogdill
- Aanestad
- Portantino
- Calderon
- Padilla, Stephen C. Democratic
Not signed on (110)
110 members have not signed on to this bill.
Show all 110 →"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.
Subjects
Frequently asked questions
- What does SB 4 do?
- The Personal Income Tax Law authorizes various credits against the taxes imposed by that law, including 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, or $10,000, for purchases made between March 1, 2009, and before March 1, 2010, subject to specified restrictions. This bill would authorize 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, or $10,000, for purchases made between May 1, 2010, and on or before December 31, 2010, or on or after December 31, 2010, and before August 1, 2011, subject to specified restrictions, including the submission of a certification to the Franchise Tax Board by either the taxpayer or seller, made under the penalty of perjury, that the residence has either never been occupied or that the taxpayer is a first-time home buyer. By expanding the definition of an existing crime, this bill imposes a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. This bill would take effect immediately as a tax levy.
- Who sponsors SB 4?
- SB 4 is sponsored by Tran, Solorio, Jeffries, Huff, Hollingsworth, Dutton, Cogdill, Ashburn, Aanestad, Portantino, Calderon, and Padilla, Stephen C. (Democratic).
- What is the current status of SB 4?
- 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 4?
- Track SB 4 free on One Click Politics — get push/email alerts when it moves.
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