SB566 amends California's Personal Income Tax Law to expand the renter's credit for low- and middle-income renters aged 62 and older.

SB566 amends the Revenue and Taxation Code to expand the renter's credit for low- and middle-income renters aged 62 and older. The credit increases to $550 for those 62 and older, and $60 for others with an adjusted gross income of $25,000 or less. The Franchise Tax Board must report annually on the credit's performance. The bill also adjusts the homeowners' property tax exemption and specifies conditions for claiming the credit.

SB566 amends California's Personal Income Tax Law to expand the renter's credit for low- and middle-income renters aged 62 and older.

SB566 amends the Revenue and Taxation Code to expand the renter's credit for low- and middle-income renters aged 62 and older. The credit increases to $550 for those 62 and older, and $60 for others with an adjusted gross income of $25,000 or less. The Franchise Tax Board must report annually on the credit's performance. The bill also adjusts the homeowners' property tax exemption and specifies conditions for claiming the credit.