The Personal Income Tax Law allows various credits against the taxes imposed by those laws.

This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2028, and before January 1, 2033, in an amount equal to the amount paid or incurred, not to exceed $25,000, during the taxable year for repairs that are required as a condition of closing the sale of real property to a purchaser utilizing a first-time homebuyer assistance program, as specified.

Existing law requires any bill authorizing a new tax expenditure, as defined, to include tax credits, to contain, among other things, specific goals, purposes, and objectives that the tax credit will achieve, detailed performance indicators, and data collection requirements.

This bill would include findings and reporting requirements in compliance with this requirement.

This bill would take effect immediately as a tax levy.