State Codes and Statutes

Statutes > California > Rtc > 20625-20638

REVENUE AND TAXATION CODE
SECTION 20625-20638



20625.  This chapter shall be known and may be cited as the "Senior
Citizens Tenant-Stockholder Property Tax Postponement Law".



20626.  Unless the context otherwise requires or unless otherwise
provided in this chapter, the definitions given in Chapter 1
(commencing with Section 20501) and Chapter 2 (commencing with
Section 20581) shall govern the construction of this chapter.




20627.  A tenant-stockholder claimant (hereinafter referred to as
"claimant") is an individual who, on the last day of the calendar
year ending immediately prior to the commencement of the fiscal year
for which postponement is claimed is: (a) a tenant-stockholder in a
cooperative housing corporation (as defined in Section 216(b) of the
Internal Revenue Code) and (b) occupies as a principal place of
residence a residential unit in the cooperative housing corporation
(notwithstanding Section 216(b) of the Internal Revenue Code). For
the purposes of this chapter, a claimant must be 62 years of age or
older on or before December 31 of the fiscal year for which
postponement is claimed.



20628.  Residential unit means an apartment or similar dwelling in a
cooperative housing corporation, located in this state.



20629.  Property taxes means the amount representing the claimant's
proportionate share of real estate taxes for the fiscal year for
which postponement is claimed, determined in accord with the method
prescribed in Section 216(b) of the Internal Revenue Code.




20630.  (a) A claimant may file with the Controller, a claim for
postponement from the State of California of a sum equal to, but not
exceeding the amount of property taxes (as defined in Section 20629)
for the fiscal year for which the claim is made.
   (b) Upon verification of the eligibility requirements set forth in
Section 20630.5, the Controller shall mail the claimant a Notice of
Election to Postpone which shall be in the form and contain such
information as the Controller may prescribe. Accompanying the notice
shall be a statement explaining that in order for the claimant to
postpone all or part of the property taxes, the Notice of Election to
Postpone must be mailed to the Controller with the following:
   (1) A statement signed by an authorized officer of the cooperative
housing corporation indicating the amount of the claimant's
proportionate share of property taxes and the method used to compute
such amount.
   (2) A recognition agreement signed by the claimant and executed by
an officer of the corporation which acknowledges the assignment of
the proprietary lease and the pledging of the claimant's shares in
the corporation as security for postponement, and sets forth the
rights and duties of the state, the corporation and the claimant with
respect to such stock and the proprietary lease. The recognition
agreement shall be in such form and contain such provisions as the
Controller shall prescribe.
   (3) Any other additional security interest, created and perfected
with respect to the rights of third persons in the manner provided by
law for such type of security interest, which the Controller deems
necessary to protect the interest of the state with regard to the
repayment of postponed amounts by the claimant or a deceased claimant'
s estate.
   (c) When the Controller approves the Notice of Election to
Postpone, a warrant in the amount of taxes the claimant wishes to
postpone shall be mailed to the claimant. All Notices of Election to
Postpone shall be mailed to the Controller no later than June 30 of
the fiscal year for which postponement is claimed.



20630.5.  Claims made under this chapter shall be filed with the
Controller after May 15 of the calendar year in which the fiscal year
for which postponement is claimed begins, and on or before December
10 of such fiscal year. If December 10th falls on Saturday, Sunday or
a legal holiday, the date is extended to the next business day. The
claim shall be on a form supplied by the Controller and shall
contain:
   (a) Evidence acceptable to the Controller that the individual was
an eligible claimant.
   (b) A statement showing the household income for the period set
forth in subdivision (b) of Section 20503.
   (c) A statement describing the residential dwelling.
   (d) Any other information necessary for the Controller to
determine eligibility under this chapter.



20632.  The Controller shall maintain a record of all persons who
have received postponement amounts pursuant to this chapter. Such
record shall include the name and address of the claimant, the name
and address of the cooperative housing corporation and any other
information deemed necessary by the Controller for administration
purposes.



20633.  If the interests of the state are adequately protected, the
Controller may subordinate the state's security for amounts postponed
under this chapter.


20634.  All amounts postponed pursuant to this chapter shall be due
if any of the following occurs:
   (a) The claimant ceases to occupy the cooperative residential
unit, or sells or otherwise disposes of shares in the cooperative
housing corporation.
   (b) The claimant dies. However, if the surviving spouse or another
person eligible to postpone pursuant to this chapter continues to
occupy the cooperative residential unit, then the postponed amounts
shall not be due unless such person dies, ceases to occupy the
residential unit, or the shares are sold, or otherwise transferred.
   (c) The failure of the claimant or the cooperative housing
corporation to perform those acts specified in the recognition
agreement, or the failure of the claimant to perform those acts
required by a security interest holder which is senior to the state's
security interest for postponed amounts.
   (d) Postponement was erroneously allowed because eligibility
requirements were not met.



20635.  The Controller shall reduce the amount postponed pursuant to
this chapter by the amounts of any payment received for that purpose
and by notification by the Franchise Tax Board of assistance payable
pursuant to Chapter 1 (commencing with Section 20501). The
Controller shall increase the amount postponed to reflect subsequent
postponement payments pursuant to this chapter and accrued interest.




20636.  If a surviving spouse becomes eligible to postpone property
taxes pursuant to this chapter, any postponement payments to such
person shall be added to the postponement amounts paid to the
deceased spouse.


20637.  If the Controller determines that amounts postponed under
this chapter have become due and payable, the Controller may take any
or all of the following actions:
   (a) Demand payment of such amount from the claimant, the estate of
any decedent claimant, or any person who was a co-owner with the
claimant of the cooperative housing corporation shares.
   (b) Direct the Department of General Services to sell any
property, including shares in the cooperative housing corporation,
pledged by the claimant as security for postponement. The cooperative
housing corporation from which the shares were issued shall have
first opportunity to purchase at fair market value any shares in the
cooperative housing corporation offered for sales under this
subdivision, according to a procedure set forth by the Controller in
the Recognition Agreement prepared pursuant to paragraph (2) of
subdivision (b) of Section 20630.
   (c) Request the Attorney General to bring an action against the
claimant to recover amounts postponed under this chapter by the
claimant.



20638.  Upon request of a person who has postponed pursuant to this
chapter, or an agent of such person, or an agent of the affected
cooperative housing corporation, the Controller shall issue such
person a written statement showing the total amount postponed,
together with accrued interest. The Controller may establish a
reasonable fee, not to exceed ten dollars ($10) for the provision of
the statement of postponement status provided by this section.


State Codes and Statutes

Statutes > California > Rtc > 20625-20638

REVENUE AND TAXATION CODE
SECTION 20625-20638



20625.  This chapter shall be known and may be cited as the "Senior
Citizens Tenant-Stockholder Property Tax Postponement Law".



20626.  Unless the context otherwise requires or unless otherwise
provided in this chapter, the definitions given in Chapter 1
(commencing with Section 20501) and Chapter 2 (commencing with
Section 20581) shall govern the construction of this chapter.




20627.  A tenant-stockholder claimant (hereinafter referred to as
"claimant") is an individual who, on the last day of the calendar
year ending immediately prior to the commencement of the fiscal year
for which postponement is claimed is: (a) a tenant-stockholder in a
cooperative housing corporation (as defined in Section 216(b) of the
Internal Revenue Code) and (b) occupies as a principal place of
residence a residential unit in the cooperative housing corporation
(notwithstanding Section 216(b) of the Internal Revenue Code). For
the purposes of this chapter, a claimant must be 62 years of age or
older on or before December 31 of the fiscal year for which
postponement is claimed.



20628.  Residential unit means an apartment or similar dwelling in a
cooperative housing corporation, located in this state.



20629.  Property taxes means the amount representing the claimant's
proportionate share of real estate taxes for the fiscal year for
which postponement is claimed, determined in accord with the method
prescribed in Section 216(b) of the Internal Revenue Code.




20630.  (a) A claimant may file with the Controller, a claim for
postponement from the State of California of a sum equal to, but not
exceeding the amount of property taxes (as defined in Section 20629)
for the fiscal year for which the claim is made.
   (b) Upon verification of the eligibility requirements set forth in
Section 20630.5, the Controller shall mail the claimant a Notice of
Election to Postpone which shall be in the form and contain such
information as the Controller may prescribe. Accompanying the notice
shall be a statement explaining that in order for the claimant to
postpone all or part of the property taxes, the Notice of Election to
Postpone must be mailed to the Controller with the following:
   (1) A statement signed by an authorized officer of the cooperative
housing corporation indicating the amount of the claimant's
proportionate share of property taxes and the method used to compute
such amount.
   (2) A recognition agreement signed by the claimant and executed by
an officer of the corporation which acknowledges the assignment of
the proprietary lease and the pledging of the claimant's shares in
the corporation as security for postponement, and sets forth the
rights and duties of the state, the corporation and the claimant with
respect to such stock and the proprietary lease. The recognition
agreement shall be in such form and contain such provisions as the
Controller shall prescribe.
   (3) Any other additional security interest, created and perfected
with respect to the rights of third persons in the manner provided by
law for such type of security interest, which the Controller deems
necessary to protect the interest of the state with regard to the
repayment of postponed amounts by the claimant or a deceased claimant'
s estate.
   (c) When the Controller approves the Notice of Election to
Postpone, a warrant in the amount of taxes the claimant wishes to
postpone shall be mailed to the claimant. All Notices of Election to
Postpone shall be mailed to the Controller no later than June 30 of
the fiscal year for which postponement is claimed.



20630.5.  Claims made under this chapter shall be filed with the
Controller after May 15 of the calendar year in which the fiscal year
for which postponement is claimed begins, and on or before December
10 of such fiscal year. If December 10th falls on Saturday, Sunday or
a legal holiday, the date is extended to the next business day. The
claim shall be on a form supplied by the Controller and shall
contain:
   (a) Evidence acceptable to the Controller that the individual was
an eligible claimant.
   (b) A statement showing the household income for the period set
forth in subdivision (b) of Section 20503.
   (c) A statement describing the residential dwelling.
   (d) Any other information necessary for the Controller to
determine eligibility under this chapter.



20632.  The Controller shall maintain a record of all persons who
have received postponement amounts pursuant to this chapter. Such
record shall include the name and address of the claimant, the name
and address of the cooperative housing corporation and any other
information deemed necessary by the Controller for administration
purposes.



20633.  If the interests of the state are adequately protected, the
Controller may subordinate the state's security for amounts postponed
under this chapter.


20634.  All amounts postponed pursuant to this chapter shall be due
if any of the following occurs:
   (a) The claimant ceases to occupy the cooperative residential
unit, or sells or otherwise disposes of shares in the cooperative
housing corporation.
   (b) The claimant dies. However, if the surviving spouse or another
person eligible to postpone pursuant to this chapter continues to
occupy the cooperative residential unit, then the postponed amounts
shall not be due unless such person dies, ceases to occupy the
residential unit, or the shares are sold, or otherwise transferred.
   (c) The failure of the claimant or the cooperative housing
corporation to perform those acts specified in the recognition
agreement, or the failure of the claimant to perform those acts
required by a security interest holder which is senior to the state's
security interest for postponed amounts.
   (d) Postponement was erroneously allowed because eligibility
requirements were not met.



20635.  The Controller shall reduce the amount postponed pursuant to
this chapter by the amounts of any payment received for that purpose
and by notification by the Franchise Tax Board of assistance payable
pursuant to Chapter 1 (commencing with Section 20501). The
Controller shall increase the amount postponed to reflect subsequent
postponement payments pursuant to this chapter and accrued interest.




20636.  If a surviving spouse becomes eligible to postpone property
taxes pursuant to this chapter, any postponement payments to such
person shall be added to the postponement amounts paid to the
deceased spouse.


20637.  If the Controller determines that amounts postponed under
this chapter have become due and payable, the Controller may take any
or all of the following actions:
   (a) Demand payment of such amount from the claimant, the estate of
any decedent claimant, or any person who was a co-owner with the
claimant of the cooperative housing corporation shares.
   (b) Direct the Department of General Services to sell any
property, including shares in the cooperative housing corporation,
pledged by the claimant as security for postponement. The cooperative
housing corporation from which the shares were issued shall have
first opportunity to purchase at fair market value any shares in the
cooperative housing corporation offered for sales under this
subdivision, according to a procedure set forth by the Controller in
the Recognition Agreement prepared pursuant to paragraph (2) of
subdivision (b) of Section 20630.
   (c) Request the Attorney General to bring an action against the
claimant to recover amounts postponed under this chapter by the
claimant.



20638.  Upon request of a person who has postponed pursuant to this
chapter, or an agent of such person, or an agent of the affected
cooperative housing corporation, the Controller shall issue such
person a written statement showing the total amount postponed,
together with accrued interest. The Controller may establish a
reasonable fee, not to exceed ten dollars ($10) for the provision of
the statement of postponement status provided by this section.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Rtc > 20625-20638

REVENUE AND TAXATION CODE
SECTION 20625-20638



20625.  This chapter shall be known and may be cited as the "Senior
Citizens Tenant-Stockholder Property Tax Postponement Law".



20626.  Unless the context otherwise requires or unless otherwise
provided in this chapter, the definitions given in Chapter 1
(commencing with Section 20501) and Chapter 2 (commencing with
Section 20581) shall govern the construction of this chapter.




20627.  A tenant-stockholder claimant (hereinafter referred to as
"claimant") is an individual who, on the last day of the calendar
year ending immediately prior to the commencement of the fiscal year
for which postponement is claimed is: (a) a tenant-stockholder in a
cooperative housing corporation (as defined in Section 216(b) of the
Internal Revenue Code) and (b) occupies as a principal place of
residence a residential unit in the cooperative housing corporation
(notwithstanding Section 216(b) of the Internal Revenue Code). For
the purposes of this chapter, a claimant must be 62 years of age or
older on or before December 31 of the fiscal year for which
postponement is claimed.



20628.  Residential unit means an apartment or similar dwelling in a
cooperative housing corporation, located in this state.



20629.  Property taxes means the amount representing the claimant's
proportionate share of real estate taxes for the fiscal year for
which postponement is claimed, determined in accord with the method
prescribed in Section 216(b) of the Internal Revenue Code.




20630.  (a) A claimant may file with the Controller, a claim for
postponement from the State of California of a sum equal to, but not
exceeding the amount of property taxes (as defined in Section 20629)
for the fiscal year for which the claim is made.
   (b) Upon verification of the eligibility requirements set forth in
Section 20630.5, the Controller shall mail the claimant a Notice of
Election to Postpone which shall be in the form and contain such
information as the Controller may prescribe. Accompanying the notice
shall be a statement explaining that in order for the claimant to
postpone all or part of the property taxes, the Notice of Election to
Postpone must be mailed to the Controller with the following:
   (1) A statement signed by an authorized officer of the cooperative
housing corporation indicating the amount of the claimant's
proportionate share of property taxes and the method used to compute
such amount.
   (2) A recognition agreement signed by the claimant and executed by
an officer of the corporation which acknowledges the assignment of
the proprietary lease and the pledging of the claimant's shares in
the corporation as security for postponement, and sets forth the
rights and duties of the state, the corporation and the claimant with
respect to such stock and the proprietary lease. The recognition
agreement shall be in such form and contain such provisions as the
Controller shall prescribe.
   (3) Any other additional security interest, created and perfected
with respect to the rights of third persons in the manner provided by
law for such type of security interest, which the Controller deems
necessary to protect the interest of the state with regard to the
repayment of postponed amounts by the claimant or a deceased claimant'
s estate.
   (c) When the Controller approves the Notice of Election to
Postpone, a warrant in the amount of taxes the claimant wishes to
postpone shall be mailed to the claimant. All Notices of Election to
Postpone shall be mailed to the Controller no later than June 30 of
the fiscal year for which postponement is claimed.



20630.5.  Claims made under this chapter shall be filed with the
Controller after May 15 of the calendar year in which the fiscal year
for which postponement is claimed begins, and on or before December
10 of such fiscal year. If December 10th falls on Saturday, Sunday or
a legal holiday, the date is extended to the next business day. The
claim shall be on a form supplied by the Controller and shall
contain:
   (a) Evidence acceptable to the Controller that the individual was
an eligible claimant.
   (b) A statement showing the household income for the period set
forth in subdivision (b) of Section 20503.
   (c) A statement describing the residential dwelling.
   (d) Any other information necessary for the Controller to
determine eligibility under this chapter.



20632.  The Controller shall maintain a record of all persons who
have received postponement amounts pursuant to this chapter. Such
record shall include the name and address of the claimant, the name
and address of the cooperative housing corporation and any other
information deemed necessary by the Controller for administration
purposes.



20633.  If the interests of the state are adequately protected, the
Controller may subordinate the state's security for amounts postponed
under this chapter.


20634.  All amounts postponed pursuant to this chapter shall be due
if any of the following occurs:
   (a) The claimant ceases to occupy the cooperative residential
unit, or sells or otherwise disposes of shares in the cooperative
housing corporation.
   (b) The claimant dies. However, if the surviving spouse or another
person eligible to postpone pursuant to this chapter continues to
occupy the cooperative residential unit, then the postponed amounts
shall not be due unless such person dies, ceases to occupy the
residential unit, or the shares are sold, or otherwise transferred.
   (c) The failure of the claimant or the cooperative housing
corporation to perform those acts specified in the recognition
agreement, or the failure of the claimant to perform those acts
required by a security interest holder which is senior to the state's
security interest for postponed amounts.
   (d) Postponement was erroneously allowed because eligibility
requirements were not met.



20635.  The Controller shall reduce the amount postponed pursuant to
this chapter by the amounts of any payment received for that purpose
and by notification by the Franchise Tax Board of assistance payable
pursuant to Chapter 1 (commencing with Section 20501). The
Controller shall increase the amount postponed to reflect subsequent
postponement payments pursuant to this chapter and accrued interest.




20636.  If a surviving spouse becomes eligible to postpone property
taxes pursuant to this chapter, any postponement payments to such
person shall be added to the postponement amounts paid to the
deceased spouse.


20637.  If the Controller determines that amounts postponed under
this chapter have become due and payable, the Controller may take any
or all of the following actions:
   (a) Demand payment of such amount from the claimant, the estate of
any decedent claimant, or any person who was a co-owner with the
claimant of the cooperative housing corporation shares.
   (b) Direct the Department of General Services to sell any
property, including shares in the cooperative housing corporation,
pledged by the claimant as security for postponement. The cooperative
housing corporation from which the shares were issued shall have
first opportunity to purchase at fair market value any shares in the
cooperative housing corporation offered for sales under this
subdivision, according to a procedure set forth by the Controller in
the Recognition Agreement prepared pursuant to paragraph (2) of
subdivision (b) of Section 20630.
   (c) Request the Attorney General to bring an action against the
claimant to recover amounts postponed under this chapter by the
claimant.



20638.  Upon request of a person who has postponed pursuant to this
chapter, or an agent of such person, or an agent of the affected
cooperative housing corporation, the Controller shall issue such
person a written statement showing the total amount postponed,
together with accrued interest. The Controller may establish a
reasonable fee, not to exceed ten dollars ($10) for the provision of
the statement of postponement status provided by this section.