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

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Date Published: 01/28/2019 09:00 PM
AB282:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill No. 282


Introduced by Assembly Member Voepel

January 28, 2019


An act to add and repeal Section 17052.11 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.


LEGISLATIVE COUNSEL'S DIGEST


AB 282, as introduced, Voepel. Personal income taxes: credit: qualified principal residence.
The Personal Income Tax Law allow various credits against the tax imposed by that law.
This bill would allow a credit against the tax imposed by the Personal Income Tax Law for each taxable year beginning on or after January 1, 2022, and before January 1, 2025, to a taxpayer that purchases a qualified principal residence during the taxable year in an amount equal to $1,000. The bill would define a qualified principal residence to mean 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 and has never been occupied, as specified.
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 17052.11 is added to the Revenue and Taxation Code, to read:

17052.11.
 (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.