RENTERS' INCOME TAX CREDIT. LEGISLATIVE CONSTITUTIONAL AMENDMENT. • Amends Constitution by allowing a credit to qualified renters against their net income tax. • Credit to be not less than $120 for married couples filing joint returns, heads of household, and surviving spouses, and not less than $60 for individuals. • Authorizes Legislature to amend existing statutes and adopt new statutes to timely or properly administer the credit. • Applies to taxable years beginning on or after January 1, 1995. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: • Adoption of this measure would result in state costs of about $100 million in 1995-96. • Unknown but potential increase in costs in the future, depending upon actions that would otherwise be taken by the state to reduce the renters' credit.
Popular Vote Results
Y: 1907537; A: 42.63; N: 2567476; B: 57.37
Senate Constitutional Amendment
Renters' Income Tax Credit. California Proposition 175 (1994).