Income taxation: exclusion: mobilehome park sales.

The Personal Income Tax Law and the Corporation Tax Law, in modified conformity with federal law, provide various exclusions from gross income in computing tax liability. This bill, for taxable years beginning on or after January 1, 2020, and before January 1, 2025, would exclude from gross income under both of these laws the gain from the sale of a qualified mobilehome park to a qualified purchaser, as those terms are defined. The bill would limit this exclusion to the sale of a qualified mobilehome park during the taxable year for which the taxpayer seeks the exclusion. The bill would require applicants for approval as a qualified purchaser to apply with the Department of Housing and Community Development, and would require the department to certify under penalty of perjury, among other things, that the sale of a qualified mobilehome park by a taxpayer to a qualified purchaser meets specified requirements. The bill would require the Legislative Analyst to report to the Legislature by January 1, 2025, on the effects of the exclusion on the sales of qualified mobilehome parks in this state. The bill would repeal these provisions as of December 1, 2025. By expanding the scope of the crime of perjury, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. This bill would take effect immediately as a tax levy.