SB 1253: Income taxes: low-income housing: credit.

Existing law establishes a low-income housing tax credit program pursuant to which the California Tax Credit Allocation Committee provides procedures and requirements for the allocation, in modified conformity with federal law, of state insurance, personal income, and corporation tax credit amounts to qualified low-income housing projects that have been allocated, or qualify for, a federal low-income housing tax credit, and farmworker housing projects. Existing law limits the total annual amount of the state low-income housing credit for which a federal low-income housing credit is required to the sum of $70,000,000, as increased by any percentage increase in the Consumer Price Index for the preceding calendar year, any unused credit for the preceding calendar years, and the amount of housing credit ceiling returned in the calendar year.

This bill would increase the aggregate amount of the low-income housing tax credit for calendar years 2019 through 2030, as specified, and would additionally authorize a low-income housing project located in a qualified opportunity zone, as defined, to receive a low-income housing tax credit under the increased aggregate amount.

This bill would take effect immediately as a tax levy.