§ 20503. — 20503. (Amended by Stats. 2018, Ch. 896, Sec. 10.)

California § 20503.

• Jurisdiction: California
• Code RTC: Revenue and Taxation Code - RTC
• Div. 2.: DIVISION 2. OTHER TAXES
• Part 10.5.: PART 10.5. SENIOR CITIZENS PROPERTY TAX ASSISTANCE AND POSTPONEMENT LAW
• Ch. 1.: CHAPTER 1. Senior Citizens Homeowners and Renters Property Tax Assistance Law
• Art. 1.: ARTICLE 1. General Provisions and Definitions

Text

(a)
“Income” means adjusted gross income as defined in Section 17072 plus all of the following cash items:
(1)
Public assistance and relief.
(2)
Nontaxable amount of pensions and annuities.
(3)
Social security benefits
(except Medicare).
(4)
Railroad retirement benefits.
(5)
Unemployment insurance payments.
(6)
Veterans’ benefits.
(7)
Exempt interest received from any source.
(8)
Gifts and inheritances in excess of three hundred dollars ($300), other than transfers between members of the household. Gifts and inheritances include noncash items.
(9)
Amounts contributed on behalf of the contributor to a tax-sheltered retirement plan or deferred compensation plan.
(10)
Temporary workers’ compensation payments.
(11)
Sick leave payments.
(12)
Nontaxable military compensation as defined in Section 112 of the Internal Revenue Code.
(13)
Nontaxable scholarship and fellowship grants as defined in Section 117 of the Internal Revenue Code.
(14)
Nontaxable gain from the sale of a residence as defined in Section 121 of the Internal Revenue Code.
(15)
Life insurance proceeds to the extent that the proceeds exceed the expenses incurred for the last illness and funeral of the deceased spouse of the claimant. “Expenses incurred for the last illness” includes unreimbursed expenses paid or incurred during the income calendar year and any expenses paid or incurred thereafter up until the date the claim is filed. For purposes of this paragraph, funeral expenses
shall not exceed five thousand dollars ($5,000).
(16)
If an alternative minimum tax is required to be paid pursuant to Chapter 2.1 (commencing with Section 17062) of Part 10, the amount of alternative minimum taxable income (whether or not cash) in excess of the regular taxable income.
(17)
Annual winnings from the California Lottery in excess of six hundred dollars ($600) for the current year.
(b)
For purposes of this chapter, total income shall be determined for the calendar year (or approved fiscal year ending within that calendar year) which ends within the fiscal year for which assistance is claimed.
(c)
For purposes of Chapter 2 (commencing with Section 20581), Chapter 3 (commencing with Section 20625), Chapter 3.3 (commencing with Section 20639),
and Chapter 3.5 (commencing with Section 20640), all losses and nonexpenses shall be converted to zero for the purpose of determining whether the homeowner meets the Property Tax Postponement requirement.
(d)
For purposes of Chapter 2 (commencing with Section 20581), Chapter 3 (commencing with Section 20625), Chapter 3.3 (commencing with Section 20639), and Chapter 3.5 (commencing with Section 20640), total income shall be determined for the calendar year ending immediately prior to the commencement of the fiscal year for which postponement is claimed.

Legislative History

Amended by Stats. 2018, Ch. 896, Sec. 10. (SB 1130) Effective January 1, 2019.