CA SB1149

Allows qualified first-time homebuyers a tax credit of the lesser of 5% of purchase price or $10,000 for purchasing a qualified principal residence between January 1, 2017 and January 1, 2020.

Credit is applied equally over three successive taxable years beginning with the year of purchase, and limited to one credit per qualified first-time homebuyer.

Qualified first-time homebuyers must have no ownership interest in a principal residence during the preceding three years and have adjusted gross income not exceeding $100,000 (joint filers) or $50,000 (other filers).

Total program funding is capped at $100,000,000, with credits allocated on a first-come-first-served basis by the Franchise Tax Board; if a homebuyer does not occupy the residence as principal residence for at least two years, the credit is canceled and must be repaid.

Section repeals on December 1, 2023.