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.