CA SB1182

Increases the renter's tax credit for taxable years beginning January 1, 2018, with varying amounts based on filing status and dependent status, ranging from $89.20 to $433.81 depending on the category.

Establishes a schedule of incrementally increasing credit amounts through 2022, after which the Franchise Tax Board shall annually adjust credit amounts for inflation beginning January 1, 2023.

Allows the Governor to suspend the increased credit by proclamation if an economic emergency exists, in which case the credit reverts to the amount from the prior taxable year.

Provides that the increased credit amount shall be $0 for taxable years beginning January 1, 2019 and thereafter, unless otherwise specified in a bill providing for appropriations related to the Budget Bill, in which case the prior $60 and $120 credit amounts apply.

Takes effect immediately as a tax levy.