SB 1430 Summary

• Increases homeowners' property tax exemption from $7,000 to $27,000 for assessees age 62 or older, effective on the lien date for the 2011-12 fiscal year

• Requires county assessors to annually adjust the senior homeowners' exemption amount beginning in 2012-13 based on the percentage change in California's House Price Index for the first three quarters of the prior calendar year

• Increases qualified renters' income tax credit for individuals age 62 or older to $151 for married couples filing jointly (if adjusted gross income is $50,000 or less) and $75 for other individuals (if adjusted gross income is $25,000 or less), effective for taxable years beginning January 1, 2010

• Requires the Franchise Tax Board to annually adjust senior renters' credit amounts for inflation based on California Consumer Price Index beginning with taxable years starting January 1, 2011

• Requires reimbursement to local agencies and school districts for state-mandated costs and takes effect immediately as a tax levy