SB 952: Personal income taxes: Fire Safe Home Tax Credits Act.

The Personal Income Tax Law allows various credits against the tax imposed by that law. Existing law requires any bill authorizing a new tax credit to contain, among other things, specific goals, purposes, and objectives that the tax credit will achieve, detailed performance indicators, and data collection requirements.

This bill would allow credits against the tax imposed by the Personal Income Tax Law for each taxable year beginning on or after January 1, 2025, and before January 1, 2030, to a qualified taxpayer for qualified costs relating to qualified home hardening, as defined, and for qualified costs relating to qualified vegetation management, as defined, in specified amounts, not to exceed an aggregate amount of $500,000,000 per taxable year.

The bill would authorize require a qualified taxpayer to reserve a credit for qualified costs relating to qualified home hardening or qualified vegetation management prior to incurring those costs, as specified. The bill would require a qualified taxpayer that reserved a credit to submit a copy of the receipts showing the total qualified costs incurred and a certification by the qualified taxpayer, signed under penalty of perjury, that the qualified taxpayer incurred the qualified costs claimed, as specified. By requiring qualified taxpayers to submit a certification under penalty of perjury, the bill would expand the crime of perjury and impose a state-mandated local program. to be eligible for the above-described credits and provide all necessary information for this purpose, as specified.

This bill also would include additional information required for any bill authorizing a new income tax credit and would require the Legislative Analysts Office to prepare a written report regarding the credits, as provided.

This bill would take effect immediately as a tax levy.