Income tax credits: leased or rented property: persons receiving housing services or assistance.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill, under both laws, for taxable years beginning on or after January 1, 2019, and before January 1, 2024, would allow a credit against those taxes to a taxpayer that owns qualified property, as defined, in an amount equal to $500 for each qualified property owned by the taxpayer, not to exceed $5,000 per taxable year. This bill would take effect immediately as a tax levy.