Taxation: renters' credit: high-cost areas.

The Personal Income Tax Law authorizes various credits against the taxes imposed by that law, including a credit for qualified renters in the amount of $120 for spouses filing joint returns, heads of household, and surviving spouses if adjusted gross income is $50,000 or less, as currently adjusted to $78,125, and in the amount of $60 for other individuals if adjusted gross income is $25,000 or less, as currently adjusted to $39,026. This bill, for taxable years beginning on or after January 1, 2017, would increase that credit from $120 to $360 and from $60 to $180. For taxpayers living in a high-cost area, as defined, the bill would increase the adjusted gross income limitation for spouses filing joint returns, heads of household, and surviving spouses to $97,656 and for other individuals to $48,828. This bill would take effect immediately as a tax levy.