Today, Senator Shannon Grove (R-Bakersfield) expressed frustration after the Senate Revenue and Taxation Committee along party lines killed her bill to expand the California Renter’s Tax Credit. Democrats struck down Senate Bill 566, aimed at easing the financial burden on homeowners and renters over 62 years old, many on fixed incomes, leaving vulnerable Californians struggling amid skyrocketing living costs.
“California’s seniors are being crushed by the affordability crisis, and Democrats are turning a blind eye,” said Senator Shannon Grove. “The Renter’s Tax Credit hasn’t been increased in over four decades, despite home prices and rents significantly increasing. In 1979, the average home price in California was just $85,000. Today, it is over $900,000 that’s a 1,000% increase. Yet, Sacramento Democrats refused to act today, leaving our seniors to fend for themselves against inflation and housing costs.”
SB 566 aimed to ease the burden on seniors by aligning the Homeowner’s Exemption and Renter’s Tax Credit with today’s economic realities. The current $7,000 exemption saves homeowners just $70 annually on property taxes, a drop in the bucket. Similarly, the Renter’s Tax Credit, last adjusted in 1979, offers only $60 for single filers and $120 for joint filers.
Senator Grove’s legislation would have increased the Homeowner’s Exemption from $7,000 to $50,000 and the Renter’s Tax Credit from $60 to $275 for single individuals and $120 to $550 for joint filers. These increases reflect inflation adjustments from costs originating from 1972 and are limited to those aged 62 and above.
“Democrats claim to care about affordability, but killing SB 566 proves they’re more interested in protecting pet projects like the bloated high-speed rail than helping seniors,” Grove continued. “Seniors on fixed incomes are forced to choose between property taxes, rent, and basic necessities. This bill would have put real money back in their pockets, yet Democrats turned their backs on our seniors.”