Assemblyman Cameron Smyth, R-Santa Clarita, announced that he has introduced legislation to help seniors by increasing a tax exemption for homeowners and renters age 62 and older.
“Senior Californians deserve to enjoy their retirement without having to worry about the Government cracking their nest egg,” Smyth said. “My legislation will provide tax relief for senior homeowners and renters, offering a real break for many people living on fixed incomes.”
Existing law provides a homeowners’ property tax exemption of $7,000 of the value of the dwelling. Smyth’s Assembly Bill 351 will increase the exemption to $27,000 for homeowners age 62 and older, beginning in the 2008-09 fiscal year.
AB 351 will help renters, too. Current law provides a personal income tax credit of $60 for individuals with adjusted gross income of $25,000 or less, or $120 for married couples filing joint returns with adjusted gross income of $50,000 or less. Smyth’s legislation will increase these tax credits for renters age 62 and older, setting the new amounts at $75 for individuals and $151 for couples.
“My legislation will allow seniors to keep more of their money in their own wallets, where it belongs, and will add to their peace of mind,” Smyth said. “They are truly the greatest generation, and the least we can do for their great sacrifices for this country is giving them some relief on their taxes.”