Personal Income Tax Law: credits: insurance.

The Personal Income Tax Law allows various credits against the tax imposed by that law. This bill would, for taxable years beginning on or after January 1, 2026, and before January 1, 2031, allow a credit against that tax to a qualified taxpayer, as defined, equal to the amount paid during the taxable year for premium payments made by the taxpayer for a policy of residential property insurance, as defined, minus the base year premium, defined as the premium paid by the taxpayer for a fire insurance policy in the 2023 calendar year. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill also would include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.