Today's Law As Amended


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SB-1416 Personal income taxes: capital gains: sale of principal residence: senior citizens.(2009-2010)



As Amends the Law Today


SECTION 1.

 Section 17152.5 is added to the Revenue and Taxation Code, to read:

17152.5.
 (a) Notwithstanding Section 17152, for each taxable year beginning on or after January 1, 2010, gross income shall not include any gain from the sale or exchange of the principal residence of a qualified taxpayer.
(b) For purposes of this section, “qualified taxpayer” means a taxpayer who is 65 years of age or older.
SEC. 2.
 This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.