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 would increase that credit from $120 to $500 and from $60 to $250 for taxable years beginning on or after January 1, 2019. This bill would take effect immediately as a tax levy.