Landlords would get tax credits in place of missed rent from tenants who can’t pay due to the coronavirus pandemic under a bill the California Senate passed Thursday with a 27-8 vote.
- Under S.B. 1410, landlords and tenants would enter into voluntary agreements with the Franchise Tax Board. Renters could defer their rent and and repay it, without interest, over 10 years beginning in 2024.
- Landlords would receive tax credits equal to the amount of lost rent to be spread equally over the same 10-year period. They could also sell the credits if they need cash immediately.
- Details of the bill are still being worked out and will be amended as it moves through the Assembly in July and August, bill author Sen. Anna Caballero (D) said.