Senate Bill 1116 - First Time Homebuyers Affordability Act

Summary:

Senate Bill 1116 incentivizes homeowners to sell to first time buyers by increasing the capital gains exclusion from $250,000 to $300,000 for single filers and from $500,000 to $600,000 for married couples filing jointly. This exclusion applies specifically for transactions between homeowners and first time buyers.

Issue background:

Contact:

Jennifer Hodgkins, (916) 651-4037
Jennifer.Hodgkins@sen.ca.gov