California SB1277 proposes a cost-of-living refundable tax credit for residents with adjusted gross incomes under $500,000.

California SB1277 introduces a cost-of-living refundable tax credit for residents with adjusted gross incomes under $500,000, effective from 2027 to 2032. The credit varies based on income and dependents, ranging from $200 to $750. If the credit exceeds tax liability, the excess is credited against other amounts due, with any balance refunded from the Tax Relief and Refund Account. The credit is not included in gross income and the provision expires on December 1, 2032.

California SB1277 proposes a cost-of-living refundable tax credit for residents with adjusted gross incomes under $500,000.

California SB1277 introduces a cost-of-living refundable tax credit for residents with adjusted gross incomes under $500,000, effective from 2027 to 2032. The credit varies based on income and dependents, ranging from $200 to $750. If the credit exceeds tax liability, the excess is credited against other amounts due, with any balance refunded from the Tax Relief and Refund Account. The credit is not included in gross income and the provision expires on December 1, 2032.