Income and corporation taxes: credits: fire safety compliance.

The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws. This bill would, under both laws, for taxable years beginning on or after January 1, 2009, allow a credit equal to 50% of the costs incurred towards bringing a qualified home, as defined, into compliance with specified fire safety requirements. The bill would require construction, repair, rehabilitation, or improvement subject to the credit to be verified by a local building inspector to be construction, repair, rehabilitation, or improvement made toward compliance with the regulations of the Department of Forestry and Fire Protection. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to these statutory provisions. This bill would take effect immediately as a tax levy.