Senator Steven Glazer (D-Orinda) joins other key lawmakers who support his bill expanding the renter's tax credit (AP).
Partnership backs expanded renters credit, water conservation exemption; Opposes oil severance tax
Irwindale, CA - This week, the San Gabriel Valley Economic Partnership voted to support an expansion of the renter's tax credit as well as an income and corporate tax exemption for participating in water conservation programs. The Partnership also voted to oppose an new proposal to levy an oil and gas severance tax on extraction industries here in California.
"Increasing the tax credit for renters is crucial for California's workforce," said Partnership President and CEO Bill Manis. "The tax credit eases the burden of high rents for individuals and families across the state. It's an important step forward to making housing in California a bit more affordable for the millions of renters in the state."
SB 248 by Senator Steven Glazer (D-Orinda) expands the renter's tax credit for the first time since 1979. Those eligible for the expanded credit would be single filers making $41,641 or less and joint filers making $83,282 or less. Eligible households with children would receive a $434 refundable credit; households without children would receive $220. Under the current credit, eligible renters have their tax liabilities offset by $60 for single filers or $120 for join filers.
The Partnership is also pleased to support AB 533 by our local Assemblymember Chris Holden (D-Pasadena). The bill exempts any rebates, vouchers, or other financial incentives issued by a local water agency or supplier for expenses incurred to participate in a water efficiency or storm water improvement program from state or corporate income tax. The bill is designed to encourage more Californians to conserve water.
The Partnership voted to oppose a newly proposed oil and gax severance tax. SB 246 (Wieckowski) would place a tax of 10 percent of the average price of a barrel of oil produced in California on that product as well as a 10 percent tax per average price of a unit of natural gas. The bill would require a two-thirds vote in both chambers of the State Legislature in order to pass.
California has a projected budget surplus of $15 billion this year. A 10 percent tax on gas and oil produced in the state would harm the thousands of Californians who work in those two vital industries and lead to higher prices, harming the industry and providing a competitive advantage to oil and gas produced and imported into the state from places that do not have California's tough environmental laws and regulations. For these reasons, the Partnership opposes SB 246.
These decisions were made at the monthly meeting of the Partnership's Legislative Action Committee. For more information, contact Brad Jensen at email@example.com or (626) 856-3400.