SB 1103: Personal income taxes: renters’ credit.

The Personal Income Tax Law authorizes various credits against the taxes imposed by that law, including a credit for qualified renters in the amount of $120 for married couples filing joint returns, heads of household, and surviving spouses if adjusted gross income is $50,000, as adjusted currently to $76,518, or less, and in the amount of $60 for other individuals if adjusted gross income is $25,000, as adjusted currently to $38,259, or less.

This bill would, bill, for taxable years beginning on and after January 1, 2017, 2016, instead would increase this credit for a qualified renter to $184 $200 for married couples filing joint returns, heads of household, and surviving spouses, if adjusted gross income is $100,000 or less and to an amount equal and to $92 $100 for other individuals whose adjusted gross income is $50,000 or less. The bill would require the Franchise Tax Board to annually adjust the adjusted gross income amounts for inflation, beginning January 1, 2018. individuals.

This bill would take effect immediately as a tax levy.