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CA AB1905
Bill
Status
1/8/2020
Primary Sponsor
David Chiu
Click for details
AI Summary
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Disallows the mortgage interest deduction for qualified residences other than a taxpayer's principal residence, effective for taxable years beginning January 1, 2020.
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Establishes the Housing and Homeless Response Fund in the State Treasury to finance immediate and long-term homelessness solutions focused on moving individuals and families into permanent housing.
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Requires the Franchise Tax Board to estimate additional revenue generated from the mortgage interest deduction changes and notify the Controller, who must transfer that amount from the General Fund to the Housing and Homeless Response Fund.
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Directs that fund moneys be used for evidence-based homelessness programs emphasizing permanent housing placement and maintenance support.
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Takes effect immediately as an urgency statute.
Legislative Description
Housing and Homeless Response Fund: personal income taxation: mortgage interest deduction.
Last Action
In committee: Set, first hearing. Hearing canceled at the request of author.
5/20/2020