§ 20543. — 20543. (Amended by Stats. 2002, Ch. 664, Sec. 206.)

California § 20543.

• 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. 2.: ARTICLE 2. Computations

Text

(a)
(1)
The amount of assistance for a claimant owning his or her residential dwelling shall be based on the claimant’s household income for the period set forth in Section 20503.
(2)
For claims filed with respect to the 2001 calendar year and each calendar year thereafter, the percentage of assistance for which each claimant owning his or her residential dwelling shall be eligible based on the following scale:
If the total household income (as defined
in this part) is not more than:
The percentage of tax on
the first $34,000 of full
value (as determined
for tax purposes) used
to provide assistance
is:
$8,812
139%
9,400
136
9,987
133
10,575
131
11,163
128
11,750
125
12,337
122
12,925
119
13,513
116
14,101
113
14,688
110
15,275
106
15,863
100
16,451
94
17,038
88
17,626
83
18,213
77
18,800
71
19,389
65
19,976
59
20,564
54
21,151
49
21,738
45
22,327
41
22,914
36
23,500
32
24,088
29
24,675
26
25,263
23
25,851
20
26,438
17
27,908
15
29,376
12
30,846
10
32,314
9
33,783
7
35,251
6
(b)
With respect to assistance that is provided by the Franchise Tax Board pursuant to this chapter for the 2002 calendar year and each year thereafter, the household income figures that apply to assistance provided by the Franchise Tax Board during that period shall be the household income figures that applied to assistance provided by the Franchise Tax Board in the same period in the immediately preceding year, multiplied by an inflation factor calculated as follows:
(1)
On or before
February 1 of each year, the Department of Industrial Relations shall transmit to the Franchise Tax Board the percentage change in the California Consumer Price Index for all items from June of the second preceding calendar year to June of the immediately preceding calendar year.
(2)
The Franchise Tax Board shall add 100 percent to the percentage change figure that is furnished pursuant to paragraph (1) and divide the result by 100.
(3)
The Franchise Tax Board shall multiply the immediately preceding household income figure by the inflation adjustment factor determined in paragraph (2), and round off the resulting product to the nearest one dollar ($1).

Legislative History

Amended by Stats. 2002, Ch. 664, Sec. 206. Effective January 1, 2003.