CA AB2715

Increases homeowners' property tax exemption from $7,000 to $14,000 beginning with the 2021–22 fiscal year, with annual adjustments thereafter based on the House Price Index for California.

Revises personal income tax rates for taxable years beginning on or after January 1, 2020, creating new tax brackets with a 0% rate on the first $7,850 of income for single filers and $15,710 for heads of household.

Doubles the renter's tax credit from $120 to $240 for joint filers and from $60 to $120 for other individuals starting January 1, 2021, with annual inflation adjustments required beginning January 1, 2022.

Eliminates the corporate minimum franchise tax of $800 for taxable years ending on or after January 1, 2021.

Specifies that the state shall not reimburse local agencies for property tax revenues lost due to the homeowners' exemption increase and takes effect immediately as a tax levy.