California AB2394 excludes income gains from the sale of qualified real property for certain taxpayers.

California AB2394 modifies the Personal Income Tax Law to exclude income gains from the sale or exchange of qualified real property for qualified taxpayers. This exclusion applies to gains received by individuals aged 55 or older who have owned the property for 20 years or more and used it as their primary residence for at least two of the five years before the sale. The exclusion is effective for taxable years beginning on or after January 1, 2027, and before January 1, 2032, and the provision expires on December 1, 2032.

California AB2394 excludes income gains from the sale of qualified real property for certain taxpayers.

California AB2394 modifies the Personal Income Tax Law to exclude income gains from the sale or exchange of qualified real property for qualified taxpayers. This exclusion applies to gains received by individuals aged 55 or older who have owned the property for 20 years or more and used it as their primary residence for at least two of the five years before the sale. The exclusion is effective for taxable years beginning on or after January 1, 2027, and before January 1, 2032, and the provision expires on December 1, 2032.