The Personal Income Tax Law allows various deductions in computing the income that is subject to the taxes imposed by that law, including, in modified conformity with federal income tax laws, a deduction for a limited amount of interest paid on acquisition indebtedness, as defined, with respect to a qualified residence of the taxpayer. Existing law limits the aggregate amount treated as acquisition indebtedness for these purposes to $1,000,000, or $500,000 in the case of a married individual filing a separate return. Existing law specifies for these purposes that a qualified residence includes the taxpayer's principal residence and one other residence selected by the taxpayer, as provided. This bill, for taxable years beginning on or after January 1, 2025, would disallow the deduction of acquisition indebtedness with respect to a qualified residence of a taxpayer other than the principal residence. This bill would require the Franchise Tax Board, in consultation with the Department of Finance, to estimate the amount of additional revenue resulting from the above-described modifications made with respect to the calculation of taxable income under the Personal Income Tax Law by this bill and to notify the Controller of that amount, as provided. The bill would establish the continuously appropriated Housing, Homeownership, and Homelessness Prevention Response Fund in the State Treasury, and would direct the Controller to transfer an amount from the General Fund to that fund equal to the above-described estimates. The bill would require the moneys be used for housing purposes, as specified. By establishing a continuously appropriated fund, this bill would make an appropriation. This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIIIA of the California Constitution, and thus would require for passage the approval of 23 of the membership of each house of the Legislature.
Sponsored bills
This measure would proclaim the week of April 14, 2024 to April 20, 2024, to be Cities Week, and would encourage all Californians to be involved in their communities and be civically engaged with their local government.
This measure would join Asian and Pacific Islander communities throughout the state, nation, and world in celebrating April 13, 2024, to April 15, 2024, as the Songkran New Year Festival.
Maddy summaryThis bill is a House Resolution that formally recognizes May 2024 as Asian and Pacific Islander American Heritage Month in California. It directly affects the state legislature and the broader public by establishing an official period to honor the history and contributions of Asian and Pacific Islander communities. The resolution highlights the diverse backgrounds of these populations, their significant roles in California's development, and their ongoing achievements in various fields. By adopting this measure, the Assembly commends these communities for their accomplishments and acknowledges the hardships they have faced throughout history.
This measure would proclaim the week of April 7 through April 13, 2024, as Adult Education Week, and would salute the teachers, administrators, classified staff, and students of adult education programs statewide, honoring their efforts, persistence, and accomplishments.
The Planning and Zoning Law requires the legislative body of each county and city to adopt a comprehensive, long-term general plan for the physical development of the county or city that includes, among other specified mandatory elements, a housing element. That law, for the 4th and subsequent revisions of the housing element, requires the Department of Housing and Community Development to determine the existing and projected need for housing for each region. That law further requires the appropriate council of governments, or, for cities and counties without a council of governments, the department, to adopt a final regional housing plan that allocates a share of the regional housing need to each city, county, or city and county in accordance with certain requirements. This bill would authorize a city or county, by agreement, to transfer all or a portion of its allocation of regional housing need to another city or county. The bill would allow the transferring city to pay the transferee city or county an amount determined by that agreement, as well as a surcharge to offset the impacts and associated costs of the additional housing on the transferee city. The bill would also require the transferring city or county and the transferee city or county to report to the council of governments and the department specified information about the transfer, as provided.
This measure would extend an invitation to the people of the region of Lviv, Ukraine, to join with California in a sister state relationship.
This measure would designate the North Arm Newport Bay Bridge on State Route 1, in the County of Orange, as the Marian Bergeson Memorial Bridge. The measure would also request the Department of Transportation to determine the cost of appropriate signs showing this special designation and, upon receiving donations from nonstate sources to cover that cost, to erect those signs.
This measure would designate the portion of State Route 14 from the Avenue 0-8 bridge at Postmile R62.151 to the Avenue M overcrossing at Postmile R64.678, in the County of Los Angeles, as the CHP Officer Andy Ornelas Memorial Highway. The measure would request the Department of Transportation to determine the cost for appropriate signs, which shall include the star of the California Highway Patrol, showing these special designations and, upon receiving donations from nonstate sources covering that cost, to erect those signs.