Bill > AB2394

This bill, for California taxpayers, would exclude from their taxable income any money received from selling or exchanging certain real property, but only for tax years between January 1, 2027, and January 1, 2032. To qualify for this exclusion, an individual must be at least 65 years old and have owned the property for at least 20 consecutive years, and the property must be owned solely by the taxpayer or, if married and filing jointly, by both spouses. This provision is intended to provide a tax benefit for long-term property owners who are seniors, and the bill takes effect immediately as a tax levy, meaning it will be applied to taxes as soon as it becomes law.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB2394