Income tax credit: principal residence.

The Personal Income Tax Law authorizes various credits against the taxes imposed by that law. This bill would allow a credit to a qualified taxpayer, as defined, who purchases a qualified principal residence, as defined, during a specified period, in an amount equal to 10% of the purchase price, not to exceed $8,000, as provided. The bill would limit the total amount of credits to specified aggregate amounts per fiscal year, and provide that the General Fund shall be paid an amount equal to the credits with specified funds from the Neighborhood Stabilization Program 2 Funding as provided. This bill would take effect immediately as a tax levy.