What is SB-944 Personal income taxes: Fire Safe Home Tax Credits Act.
Please contact Senator McGuire's Office and your local legislative branch to vote yes for SB944. We need your support to assure that the bill is amended and introduced in the next legislative cycle January 2023.
(Principal coauthors: Senators Marco Rubio and Henry Stern)
(Principal coauthors: Assembly Members Aguiar-Curry and Friedman)
(Coauthors: Senators Brian Dahle, Bill Dodd, Cathleen Galgiani, Jerry Hill, Hannah Beth Jackson, and Jim Nielsen)
(Coauthors: Assembly Members James Gallagher and Jim Wood)
LEGISLATIVE COUNSEL'S DIGEST
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1.The credits allowed by Sections 17052.13 and 17052.14 of the Revenue and Taxation Code, as added by this act, shall be known and may be cited as the Fire Safe Home Tax Credits Act.
SEC. 2.Section 17052.13 is added to the Revenue and Taxation Code, to read:
17052.13.(a) (1) For each taxable year beginning on or after January 1, 2021, and before January 1, 2026, there shall be allowed a credit against the “net tax,” as defined in Section 17039, to a qualified taxpayer who incurs qualified costs while performing qualified home hardening on a qualified property, in an amount determined pursuant to paragraph (2).
SEC. 3.Section 17052.14 is added to the Revenue and Taxation Code, to read:
17052.14.(a) (1) For each taxable year beginning on or after January 1, 2021, and before January 1, 2026, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, to a qualified taxpayer in an amount equal to 50 percent of qualified costs incurred by the taxpayer, not to exceed one thousand dollars ($1,000) of credit allowed per taxable year, while performing qualified vegetation management on qualified property.
SEC. 4.Section 17052.15 is added to the Revenue and Taxation Code, to read:
17052.15.(a) (1) (A) A qualified taxpayer may, but is not required to, reserve the credit for qualified home hardening allowed pursuant to Section 17052.13 or qualified vegetation management allowed pursuant to Section 17052.14 prior to incurring qualified costs. To reserve a credit, the qualified taxpayer shall sign and submit to the Franchise Tax Board a statement that the qualified taxpayer intends to incur qualified costs associated with qualified home hardening or qualified vegetation management and the estimated amount of qualified costs to be incurred within the taxable year in which the credit is claimed. Upon receipt of the statement, the Franchise Tax Board shall notify the qualified taxpayer that the Franchise Tax Board has reserved the credit for the qualified taxpayer, pending receipt of the information required under paragraph (2).
SEC. 5.For purposes of complying with Section 41 of the Revenue and Taxation Code, with respect to the Fire Safe Home Tax Credits Act, the Legislature finds and declares as follows:
SEC. 6.No reimbursement is required by this act pursuant to Section 6 of Article XIII B of the California Constitution because the only costs that may be incurred by a local agency or school district will be incurred because this act creates a new crime or infraction, eliminates a crime or infraction, or changes the penalty for a crime or infraction, within the meaning of Section 17556 of the Government Code, or changes the definition of a crime within the meaning of Section 6 of Article XIII B of the California Constitution.
SEC. 7.This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
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