Personal income taxes: renter's 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 or less, as currently adjusted to $80,156, and in the amount of $60 for other individuals if adjusted gross income is $25,000 or less, as currently adjusted to $40,078. This bill, for taxable years beginning on or after January 1, 2019, and before January 1, 2024, for spouses filing joint returns, heads of household, and surviving spouses with those adjusted gross incomes, would allow a credit equal to the greater of $120 or 20% of the median rent in the county where the premises are located at which the qualified renter rented and occupied as his or her principal place of residence for the longest period during the taxable year. The bill, for taxable years beginning on or after January 1, 2019, and before January 1, 2024, for other individuals with those adjusted gross incomes, would allow a credit equal to the greater of $60 or 10% of the median rent in the county where the premises are located at which the qualified renter rented and occupied as his or her principal place of residence for the longest period during the taxable year. This bill, on or before January 1, 2020, and on or before January 1, 2025, would require the Department of Housing and Community Development to annually determine the median rent in each county for the previous calendar year and to provide that data to the Franchise Tax Board. The bill, on or before January 31, 2020, and on or before January 31, 2025, would require the Franchise Tax Board, using that data provided, to annually calculate the amount of the credit allowed by county for each taxable year and to publish its determinations on its Internet Web site to notify taxpayers. This bill would take effect immediately as a tax levy.