authors: Chiu, Bonta, Kalra
co-authors: McCarty, Mullin, Ting
California is currently losing about $300 million dollars in money for schools and vital services each year because people who own two homes receive a deduction on their vacation home mortgage. AB 71 would change that by eliminating the deduction and instead routing that money to the Low Income Housing Tax Credit program, while still giving dual homeowners the opportunity to claim the deduction on their federal taxes. (This bill died.)