AB 198: Personal income taxes: deductions: first-time home buyers.

The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions from gross income in computing adjusted gross income under that law, including deductions for payments to individual retirement accounts, alimony payments, and interest on educational loans.

This bill, for taxable years beginning on or after January 1, 2017, and before January 1, 2022, would allow a deduction in computing adjusted gross income for those amounts paid or incurred by a qualified first-time home buyer, as defined, during the taxable year for qualified home-buying expenses, as provided.

This bill would take effect immediately as a tax levy.