CA SB252

Excludes from gross income under personal income tax and corporation tax laws the gain from sale of a qualified mobilehome park to a qualified purchaser for taxable years beginning January 1, 2020 through December 31, 2024.

Qualified purchasers include local public entities, qualified nonprofit housing sponsors, resident organizations, and tribally designated housing entities that agree to maintain affordable rents for at least 30 years through a recorded deed restriction.

Requires the Department of Housing and Community Development to develop an approval process for qualified purchasers and certify that sales meet specified requirements, with certifications provided to the Franchise Tax Board upon request.

Requires the Legislative Analyst to submit a report to the Legislature by January 1, 2025 on the effects of the exclusion on qualified mobilehome park sales in California.

Repeals both tax exclusion provisions on December 1, 2025, and takes effect immediately as a tax levy.