AB 1670: Income taxes: credits: qualified developer: affordable housing.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws.

This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2017, and before January 1, 2022, in an amount equal to 50% of the amount paid or incurred by a taxpayer to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, as defined, not to exceed $250,000.

This bill would take effect immediately as a tax levy.