Taxation: renters' credit.

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, as adjusted, or less, and in the amount of $60 for other individuals if adjusted gross income is $25,000, as adjusted, or less. Existing law requires the Franchise Tax Board to annually adjust for inflation these adjusted gross income amounts. For 2016, the adjusted gross income limit is $76,518 and $38,259, respectively. This bill would, for each taxable year beginning on and after January 1, 2017, and before January 1, 2022, contingent upon a specified appropriation, increase this credit for a qualified renter to $240 for spouses filing joint returns, heads of household, and surviving spouses if adjusted gross income is $100,000 or less, and to an amount equal to $120 for other individuals if adjusted gross income is $50,000 or less. The bill would require the Franchise Tax Board to annually adjust the increased adjusted gross income amount for inflation. This bill would take effect immediately as a tax levy.