Introduced
by
To grant an annual refundable income tax credit to a person who buys a principal residence between April 1, 2009 and the end of 2010, with the credit equal to the increase in property taxes paid by the previous owner and the amount paid by the new owner. The credit would last as long as the buyer owns and lives in the home, and would in effect eliminate the Proposal A “pop-up” for homes purchased during this period, which is where the state equalized value (market value) of newly-sold property becomes the basis for its property tax assessment, rather than the capped “taxable value” of the previous owner.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Substitute offered
by
To replace the previous version of the bill with one that grants a one-time home-purchase tax credit of $8,000.
The substitute failed 16 to 20 (details)
Amendment offered
by
To limit the income tax credit to 10 percent of the purchase price of the home or $10,000, whichever is less.
The amendment passed 36 to 0 (details)
Passed in the Senate 36 to 0 (details)
To grant an annual refundable income tax credit to a person who buys a principal residence between April 1, 2009 the end of 2010, with the credit equal to 10 percent of the purchase price of the home or $10,000, whichever is less. The credit would last as long as the buyer owns and lives in the home.
Referred to the Committee on Tax Policy
