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

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Date Published: 04/18/2018 04:00 AM
AB2414:v97#DOCUMENT

Amended  IN  Assembly  April 17, 2018
Amended  IN  Assembly  March 22, 2018

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill No. 2414


Introduced by Assembly Member Choi

February 14, 2018


An act to add and repeal Sections 17053.60 and 23660 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.


LEGISLATIVE COUNSEL'S DIGEST


AB 2414, as amended, Choi. Income taxes: credits: attic vent closures.
The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. Existing law requires any bill authorizing a new tax credit to contain, among other things, specific goals, purposes, and objectives that the tax credit will achieve, detailed performance indicators, and data collection requirements.
This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2018, 2019, and before January 1, 2023, 2024, to a qualified taxpayer that installs an attic vent closure in a residential property, as defined, in an amount equal to 40% of the qualified costs paid or incurred by the qualified taxpayer for that installation. The bill also would include additional information required for any bill authorizing a new income tax credit.
This bill would take effect immediately as a tax levy.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


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, 2018, 2019, and before January 1, 2023, 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” include, but are not limited to, means amounts paid or incurred for retrofitting, materials, and costs of labor either from an approved company or vendor listed on the California 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.

(c)

(e) This section shall remain in effect only until December 1, 2023, 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, 2018, 2019, and before January 1, 2023, 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” include, but are not limited to, means amounts paid or incurred for retrofitting, materials, and costs of labor either from an approved company or vendor listed on the California 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.

(c)

(e) This section shall remain in effect only until December 1, 2023, 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 this bill 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.