Today's Law As Amended

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AB-2414 Income taxes: credits: attic vent closures.(2017-2018)



SECTION 1.

 Section 17053.60 is added to the Revenue and Taxation Code, to read:

17053.60.
 (a) (1) For each taxable year beginning on or after January 1, 2019, and before January 1, 2024, there shall be allowed a credit against the “net tax,” as defined in Section 17039, to a qualified taxpayer that installs an attic vent closure in a residential property in an amount equal to 40 percent of the qualified costs paid or incurred by the qualified taxpayer during the taxable year for the installation.
(2) The credit allowed by this section shall not exceed five hundred dollars ($500) per taxable year and shall only be allowed to a qualified taxpayer with regard to one residential property per taxable year.
(b) For purposes of this section:
(1) “Qualified costs” means amounts paid or incurred for retrofitting, materials, and costs of labor either from an approved company or vendor listed on the Department of Forestry and Fire Protection’s Internet Web site or for the purchase and installation by the qualified taxpayer of one-eighth inch mesh to protect embers from entering through attic vents.
(2) “Qualified taxpayer” means an owner of residential property located in this state. A taxpayer who owns a proportional share of a residential property located in this state may claim the credit allowed by this section based upon the taxpayer’s share of the qualified costs.
(3) “Residential property” means any building containing not more than one unit that is intended for human habitation.
(c) In the case where the credit allowed by this section exceeds the “net tax,” the excess may be carried over to reduce the “net tax” in the following taxable year, and succeeding six years if necessary, until the credit is exhausted.
(d) A deduction shall not be allowed under this part for amounts taken into account in the calculation of the credit allowed by this section.
(e) This section shall remain in effect only until December 1, 2024, and as of that date is repealed.

SEC. 2.

 Section 23660 is added to the Revenue and Taxation Code, to read:

23660.
 (a) (1) For each taxable year beginning on or after January 1, 2019, and before January 1, 2024, there shall be allowed a credit against the “tax,” as defined in Section 23036, to a qualified taxpayer that installs an attic vent closure in a residential property in an amount equal to 40 percent of the qualified costs paid or incurred by the qualified taxpayer during the taxable year for the installation.
(2) The credit allowed by this section shall not exceed five hundred dollars ($500) per taxable year and shall only be allowed to a qualified taxpayer with regard to one residential property per taxable year.
(b) For purposes of this section:
(1) “Qualified costs” means amounts paid or incurred for retrofitting, materials, and costs of labor either from an approved company or vendor listed on the Department of Forestry and Fire Protection’s Internet Web site or for the purchase and installation by the qualified taxpayer of one-eighth inch mesh to protect embers from entering through attic vents.
(2) “Qualified taxpayer” means an owner of residential property located in this state. A taxpayer who owns a proportional share of a residential property located in this state may claim the credit allowed by this section based upon the taxpayer’s share of the qualified costs.
(3) “Residential property” means any building containing not more than one unit that is intended for human habitation.
(c) In the case where the credit allowed by this section exceeds the “tax,” the excess may be carried over to reduce the “tax” in the following taxable year, and succeeding six years if necessary, until the credit is exhausted.
(d) A deduction shall not be allowed under this part for amounts taken into account in the calculation of the credit allowed by this section.
(e) This section shall remain in effect only until December 1, 2024, and as of that date is repealed.
SEC. 3.
 For the purposes of complying with Section 41 of the Revenue and Taxation Code, with respect to Sections 17053.60 and 23660 of the Revenue and Taxation Code as added by this act, the Legislature finds and declares as follows:
(a) The goal of the credits is to prevent future fires generally and residential fires specifically.
(b) The effectiveness of the credits shall be measured by the number of taxpayers claiming the credit.
SEC. 4.
 This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.