SJR-20 Bill

Here is one of 3 bills, this one by Senator Elaine Alquist: http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0001-0050/sjr_20_bill_20100125_introduced.pdf

Senate Joint Resolution No. 20
Introduced by Senator Alquist
January 25, 2010
Senate Joint Resolution No. 20—Relative to taxation.
legislative counsel’s digest
SJR 20, as introduced, Alquist. Taxation: sale of principal residence.
Under existing law, capital gains taxes are imposed upon the sale of
capital assets.
This bill would memorialize the Congress and the President to enact
legislation that would eliminate capital gains taxes on the sale of a
principal residence by a senior citizen 65 years of age and older.
Fiscal committee: no.
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WHEREAS, Federal income tax laws impose capital gains taxes
upon the sale of capital assets; and
WHEREAS, A taxpayer is allowed to exclude from income up
to $250,000, or $500,000 for joint returns, of gain from the sale
of a qualifying principal residence; and
WHEREAS, Seniors are subject to capital gains taxes on the
sale of their home even if they move to assisted living units, where
they may be subject to heavy upfront fees; and
WHEREAS, The death of a spouse creates a disparity in tax
treatment in that an elderly couple is required to pay capital gains
taxes upon the sale of their home but a surviving partner can reduce
his or her capital gains by virtue of a stepped up basis in computing
capital gains that is allowed upon the death of his or her spouse;
now, therefore, be it
Resolved by the Senate and the Assembly of the State of
California, jointly, That the Legislature respectfully requests
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Congress and the President to enact legislation to eliminate capital
gains taxes on the sale of a principal residence by a senior citizen
65 years of age and older; and be it further
Resolved, That the Secretary of the Senate transmit copies of
this resolution to the President and Vice President of the United
States, to the Speaker of the House of Representatives, to the
Majority Leader of the Senate, and to each Senator and
Representative from California in the Congress of the United
States.
O
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SJR 20 — 2 —

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