Bill Text: CA SB1416 | 2009-2010 | Regular Session | Introduced

California Senate Bill 1416 (Prior Session Legislation)

Introduced

Bill Title: Personal income taxes: capital gains: sale of principal

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-05-13 - Placed on REV. & TAX. suspense file. [SB1416 Detail]

Download: California-2009-SB1416-Introduced.html

BILL NUMBER: SB 1416	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Walters

                        FEBRUARY 19, 2010

   An act to add Section 17152.5 to the Revenue and Taxation Code,
relating to taxation, to take effect immediately, tax levy.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1416, as introduced, Walters. Personal income taxes: capital
gains: sale of principal residence: senior citizens.
   The Personal Income Tax Law provides, in modified conformity to
federal income tax laws, for the manner in which taxable gains are to
be recognized upon the disposition of property, including real
property that is the principal residence of the taxpayer.
   This bill would, for taxable years beginning on or after January
1, 2010, provide that gross income does not include any gain from the
sale or exchange of the principal residence of a taxpayer who is 65
years of age or older.
   This bill would take effect immediately as a tax levy.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 17152.5 is added to the Revenue and Taxation
Code, to read:
   17152.5.  (a) Notwithstanding Section 17152, for each taxable year
beginning on or after January 1, 2010, gross income shall not
include any gain from the sale or exchange of the principal residence
of a qualified taxpayer.
   (b) For purposes of this section, "qualified taxpayer" means a
taxpayer who is 65 years of age or older.
  SEC. 2.  This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.