CA SB1416

Excludes capital gains from the sale or exchange of a principal residence from gross income for taxpayers age 65 and older, effective for taxable years beginning January 1, 2010

Adds Section 17152.5 to the Revenue and Taxation Code to override standard capital gains recognition rules for qualified senior taxpayers

Applies to any gain realized by a "qualified taxpayer," defined as any taxpayer who is 65 years of age or older

Takes effect immediately as a tax levy