Today's Law As Amended

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AB-282 Personal income taxes: credit: qualified principal residence.(2019-2020)

As Amends the Law Today


 Section 17052.11 is added to the Revenue and Taxation Code, to read:

 (a) For each taxable year beginning on or after January 1, 2022, and before January 1, 2025, there shall be allowed a credit against the “net tax,” as defined in Section 17039, to a taxpayer that purchases a qualified principal residence during the taxable year in an amount equal to one thousand dollars ($1,000).
(b) For purposes of this section, “qualified principal residence” means a single-family residence, whether detached or attached, that is completed as new construction on or after January 1, 2021, and before January 1, 2025, that is purchased to be the principal residence of the taxpayer within the meaning of Section 121 of the Internal Revenue Code and has never been occupied.
(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 any succeeding taxable years beginning before January 1, 2027, if necessary, until the credit is exhausted.
(d) Section 41 does not apply to the credit allowed by this section.
(e) This section shall remain in effect only until December 1, 2025, and as of that date is repealed.
SEC. 2.
 This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.