AB 54: Personal income taxes: deductions: security fence: security alarm system: security surveillance system.

The Personal Income Tax Law, in modified conformity with federal income tax laws, allows various deductions in computing the income that is subject to the taxes imposed by that law, including miscellaneous itemized deductions that are allowed only to the extent that the aggregate amount of those deductions exceeds 2% of adjusted gross income.

This bill, upon appropriation of specified funds by the Legislature, on and after January 1, 2017, and before January 1, 2022, would allow as a deduction under that law for the amount paid or incurred by a taxpayer during the taxable year, not to exceed $500, for any security fence, security alarm system, and security surveillance system that is purchased and installed at a qualified residence located in this state, as specified.

This bill would take effect immediately as a tax levy.