January 19, 2022
California’s tax credit for renters may increase to account for inflation after more than 40 years, according to state Sen. Steve Glazer’s office.
Glazer, D-Contra Costa, and co-authors this week introduced Senate Bill 843, which would increase the credit from $60 for single filers to $500. For single parents and couples, the credit will be $1,000 if the bill passes.
Renters are eligible if they are single and earn $43,533 or less or if they file jointly and earn $87,066 or less. Single parents would be eligible for the same credit as couples.
“We’ve treated renters like the doormat outside California’s economic recovery house,” Glazer said in a statement. “We cannot make an economic comeback without renters having their rightful place inside. Renters have waited 42 years for a modest level of fairness in our tax code. We can’t make them wait any longer.”
The bill has widespread bipartisan support with 43 co-authors. The credit has not been increased since 1979…
Other Bay Area legislators who support the bill include state Sen. Dave Cortese, D-San Jose, Assemblyman Kevin Mullin, D-San Mateo, and state Sen. Josh Becker, D-Peninsula. Assemblyman Carlos Villapudua, D-Stockton, also supports the legislation.
Taxpayers will receive the full credit if it exceeds their total tax liability, according to Glazer’s office.
Source: Pleasanton Weekly
By Keith Burbank, Bay City News Foundation
Copyright © 2022 Bay City News, Inc. All rights reserved. Republication, rebroadcast or redistribution without the express written consent of Bay City News, Inc. is prohibited. Bay City News is a 24/7 news service covering the greater Bay Area.
Stay up to date on the latest real estate trends.
January 25, 2023
January 25, 2023
January 25, 2023
January 25, 2023
January 25, 2023
January 9, 2023
December 20, 2022
Winter buying opportunities
December 20, 2022
Competition for buyers has decreased as the mix of holidays and higher interest rates dampen demand. Fewer buyers, however, means more opportunities to find the right … Read more
December 20, 2022
Competition for buyers has decreased as the mix of holidays and higher interest rates dampen demand. Fewer buyers, however, means more opportunities to find the right … Read more
You’ve got questions and we can’t wait to answer them.