Personal income tax: credits: senior citizen renters.

The Personal Income Tax Law allows various credits against the tax imposed by that law, including for a qualified renter, defined as an individual who rented and occupied premises in this state which constituted his or her principal place of residence during at least 50% of the taxable year, in a specified amount based on adjusted gross income, as provided. This bill would allow, for each taxable year beginning on or after January 1, 2016, and before January 1, 2019, a credit in an amount equal to the increase in rent of a qualified residence in specified counties for the taxable year compared to the previous taxable year that is paid or incurred by a qualified taxpayer, which is defined as a senior citizen meeting a certain low-income requirements. This bill would take effect immediately as a tax levy.