CA AB2694

Increases the renters' tax credit for taxable years beginning January 1, 2016 through December 31, 2019 to $140 for married couples filing jointly, heads of household, and surviving spouses, and $70 for other individuals.

Removes the adjusted gross income limits that previously applied ($100,000 for married filers and $50,000 for other individuals), making the expanded credit available to all qualified renters regardless of income.

Reverts the renters' credit back to the original amounts of $120 and $60 respectively for taxable years beginning January 1, 2020 and thereafter, with inflation adjustments to apply only to the original credit amounts.

Requires the Franchise Tax Board to annually adjust the adjusted gross income thresholds for inflation beginning January 1, 1999, but limits this adjustment to the original (non-expanded) credit provisions.

Takes effect immediately as a tax levy.