California Revenue and Taxation Code

§ 17054.7

RTC § 17054.7 Effective Oct 6, 1993Div. 2 · Part 10 · Ch. 2

Statute text

(a)There shall be allowed as a credit against the “net tax” (as defined in Section 17039) for a “qualified senior head of household” (as defined in subdivision (c)) an amount equal to 2 percent of the taxable income.

(b)For each taxable year beginning on or after January 1, 1991, the Franchise Tax Board shall recompute the adjusted gross income specified in paragraph (3) of subdivision (c). Those computations shall be made as follows:

(1)The California Department of Industrial Relations shall transmit annually to the Franchise Tax Board the percentage change in the California Consumer Price Index as modified for rental equivalent home ownership for all items from June of the prior calendar year to June of the current calendar year, no later than August 1 of the current calendar year.

…

Legislative history

Amended by Stats. 1993, Ch. 877, Sec. 12. Effective October 6, 1993.