Bill SB-1416

Here is the second bill by Senator Walters: http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_1401-1450/sb_1416_bill_20100219_introduced.pdf

SENATE BILL No. 1416
Introduced by Senator Walters
February 19, 2010
An act to add Section 17152.5 to the Revenue and Taxation Code,
relating to taxation, to take effect immediately, tax levy.
legislative counsel’s digest
SB 1416, as introduced, Walters. Personal income taxes: capital
gains: sale of principal residence: senior citizens.
The Personal Income Tax Law provides, in modified conformity to
federal income tax laws, for the manner in which taxable gains are to
be recognized upon the disposition of property, including real property
that is the principal residence of the taxpayer.
This bill would, for taxable years beginning on or after January 1,
2010, provide that gross income does not include any gain from the
sale or exchange of the principal residence of a taxpayer who is 65 years
of age or older.
This bill would take effect immediately as a tax levy.
Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.
The people of the State of California do enact as follows:
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SECTION 1. Section 17152.5 is added to the Revenue and
Taxation Code, to read:
17152.5. (a) Notwithstanding Section 17152, for each taxable
year beginning on or after January 1, 2010, gross income shall not
include any gain from the sale or exchange of the principal
residence of a qualified taxpayer.
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(b) For purposes of this section, “qualified taxpayer” means a
taxpayer who is 65 years of age or older.
SEC. 2. This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.
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SB 1416 — 2 —

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