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AB 765 California Assembly · 2009-2010 Regular Session

Income tax: credit: purchase: principal residence.

Summary
The Personal Income Tax Law authorizes a credit against the taxes imposed by that law in an amount equal to the lesser of 5% of the purchase price or $10,000 in the case of the purchase of a qualified principal residence on and after March 1, 2009, and before March 1, 2010, but not to exceed an aggregate limitation of $100,000,000 for all credits allowable. Existing law requires a certification that the residence has never been occupied be provided to the Franchise Tax Board within one week of the sale of the qualified principal residence. This bill would limit the credit to taxpayers who purchased a qualified principal residence on and after March 1, 2009, and before July 3, 2009, and on and after the effective date of this bill and before March 1, 2010. This bill would also require the aggregate limitation of credits to be reduced by a specified amount per certification received by the Franchise Tax Board. (2) The bill would appropriate the sum of $44,000 from the General Fund to the Franchise Tax Board, in augmentation of a specified appropriation made in the 2009-10 Budget Act. (3) This bill would declare that it is to take effect immediately as an urgency statute.
Bill status died 3 of 5 stages cleared
Introduction
Feb 2009
Committee Review
Aug 2009
Assembly Passage
Jun 2009
Senate Passage
Governor
Introduced Feb 26, 2009 Last action Nov 30, 2010
Floor votes · Assembly Jun 1, 2009

How they voted

54–4
Passed · 4 other
Total votes 62
Jun 1, 2009
D Democratic38
31 Yea 3 Nay 4
81% Yea
R Republican24
23 Yea 1 Nay
95% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
28
Key actions
7
Committee
11
Amendments
7
Sep 4, 2009
Introduced
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on APPR.
upper
Aug 27, 2009
Upper · Passed
In committee: Placed on Appropriations suspense file.
upper
Aug 26, 2009
Upper · Passed
From committee: Do pass, and re-refer to Com. on APPR. Re-referred. (Ayes 8. Noes 0.) (August 26).
upper
Aug 25, 2009
Introduced
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on REV. & TAX.
upper
Jul 8, 2009
Committee
In committee: Referred to REV. & TAX. suspense file.
upper
Jun 24, 2009
Introduced
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on REV. & TAX.
upper
Jun 11, 2009
Committee
Referred to Com. on REV. & TAX.
upper
Jun 1, 2009
Assembly · Passed
Assembly Vote: pass (54-4-4)
assembly
May 29, 2009
Lower · Passed
From committee: Do pass. (Ayes 17. Noes 0.) (May 28).
lower
May 26, 2009
Committee
Re-referred to Com. on APPR.
lower
May 21, 2009
Lower · Passed
Read second time and amended.
lower
May 20, 2009
Introduced
From committee: Amend, do pass as amended, and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (May 18).
lower
May 14, 2009
Committee
Re-referred to Com. on REV. & TAX.
lower
May 13, 2009
Introduced
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
lower
May 12, 2009
Committee
Re-referred to Com. on REV. & TAX.
lower
May 11, 2009
Introduced
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
lower
May 4, 2009
Lower · Passed
In committee: Hearing postponed by committee.
lower
Mar 23, 2009
Committee
Referred to Com. on REV. & TAX.
lower
Feb 27, 2009
Lower · Passed
From printer. May be heard in committee March 29.
lower
0 primary · 23 co-sponsors

Sponsors

No sponsor information available.