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CA SJR20
Joint Resolution
AI Summary
- Memorializes Congress and the President to increase the capital gains exclusion for senior citizens age 65 and older who pay for long-term care costs, from $250,000 to $500,000 for single filers
- Requests increasing the capital gains exclusion from $500,000 to $750,000 for joint returns on the sale of a qualifying principal residence
- Addresses tax burden on seniors who sell homes to move to assisted living facilities and pay for long-term care costs such as insurance premiums, facility entrance fees, and in-home care
- Seeks to equalize tax treatment between married couples and surviving spouses, as surviving spouses benefit from stepped-up basis adjustments while elderly couples must pay capital gains taxes upon home sale
- Directs the Secretary of the Senate to transmit copies to the President, Vice President, Congress leadership, and all California representatives in Congress
Legislative Description
Taxation: sale of principal residence: senior citizens.
Last Action
Chaptered by Secretary of State. Res. Chapter 57, Statutes of 2010.
7/7/2010
Committee Referrals
Revenue and Taxation2/4/2010
Rules1/25/2010
Full Bill Text
No bill text available