Personal income taxes: credit: qualified principal residence.

The Personal Income Tax Law allow various credits against the tax imposed by that law. This bill would allow a credit against the tax imposed by the Personal Income Tax Law for each taxable year beginning on or after January 1, 2022, and before January 1, 2025, to a taxpayer that purchases a qualified principal residence during the taxable year in an amount equal to $1,000. The bill would define a qualified principal residence to mean a single-family residence, whether detached or attached, that is completed as new construction on or after January 1, 2021, and before January 1, 2025, that is purchased to be the principal residence of the taxpayer and has never been occupied, as specified. This bill would take effect immediately as a tax levy.