CA SB1116

Increases the capital gains exclusion for sellers when the buyer is a qualified first-time homeowner from $250,000 to $300,000 (or $500,000 to $600,000 for certain joint returns).

Defines "qualified first-time homeowner" as an individual with no ownership interest in a principal residence during the preceding three-year period, excluding related parties under federal tax code sections 267, 318, or 707.

Requires the seller to obtain written certification from the buyer, signed under penalty of perjury, on or before the closing date stating the buyer meets the qualified first-time homeowner requirements.

Specifies the certification must include buyer and seller identification information, property address and sales price, and buyer's affirmation of meeting the three-year non-ownership requirement.

Clarifies that no state reimbursement is required because costs result from creating a new crime (perjury expansion) within the meaning of state constitutional provisions.