CA SB843

Maintains the existing renters' tax credit at $120 for joint filers, heads of household, and surviving spouses with adjusted gross income of $50,000 or less, and $60 for other individuals with adjusted gross income of $25,000 or less.

Removes provisions that would have increased the credit to $1,000 and $500 respectively for up to five taxable years upon Budget Act appropriation.

Requires the Franchise Tax Board to prepare a written report by April 1, 2023, analyzing the number of taxpayers claiming the credit and the average credit amount claimed on returns.

Requires the Franchise Tax Board to continue annually adjusting the adjusted gross income thresholds for inflation using the California Consumer Price Index.

Removes provisions designating the bill as a tax levy with immediate effect.