Email notifications are now in beta! Learn more and sign up today!
Open States depends upon donations to keep our servers running. If you find Open States useful please consider becoming a patron or making a one-time donation today.

Open States' stated mission is to improve civic engagement.

To be true to that goal, we can not stand by and be silent when a large portion of Americans face systemic racism and other forms of oppression. That oppression has meant being excluded from civic participation at the ballot box, being called un-American for peaceful protests, and being denied justice for crimes committed against them.

Please consider giving to local causes that support racial justice in your area.

#BlackLivesMatter

AB 5

  • California Assembly Bill
  • 2009-2010, 6th Special Session
  • Introduced in Assembly
  • Assembly
  • Senate
  • Governor

Income tax credit: qualified principal residence.

Abstract

The Personal Income Tax Law authorizes various credits against the taxes imposed by that law, including a credit against those taxes in an amount equal to the lesser of 5% of the purchase price of a qualified principal residence, as defined, or $10,000, for purchases made between March 1, 2009, and before March 1, 2010, subject to specified restrictions. This bill would authorize a credit against those taxes in an amount equal to the lesser of 5% of the purchase price of a qualified principal residence, as defined, or $10,000, for purchases made between May 1, 2010, and on or before December 31, 2010, or on or after December 31, 2010, and before August 1, 2011, subject to specified restrictions, including the submission of a certification to the Franchise Tax Board by either the taxpayer or seller, made under the penalty of perjury, that the residence has either never been occupied or that the taxpayer is a first-time home buyer. This bill would limit the total amount of credits to $100,000,000 and would require that the aggregate limitation of $50,000,000 in credits for the purchase of qualified principal residences that have never been occupied be reduced by 70% of the credit amount allocated under each certification by the Franchise Tax Board, and would require that the aggregate limitation of $50,000,000 in credits for the purchase of a qualified principal residence by first-time home buyers be reduced by 57% of the credit amount allocated under each certification by the Franchise Tax Board. By expanding the definition of an existing crime, this bill imposes a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. This bill would take effect immediately as a tax levy.

Bill Sponsors (1)

Caballero

Author

Votes


No votes to display

Actions


Nov 30, 2010

Assembly

Died at Desk.

Mar 16, 2010

Assembly

From printer.

Mar 15, 2010

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB5 HTML
03/15/10 - Introduced PDF

Related Documents

Document Format
No related documents.

Sources

Data on Open States is updated nightly from the official website of the California State Legislature.

If you notice any inconsistencies with these official sources, feel free to file an issue.