AB 3160: Insurance, income, and corporation taxes: credits: low-income housing.

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. 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.

Existing law provides for an additional allocation of $500,000,000 in low-income housing tax credits for the 2020 calendar year and up to $500,000,000 for the 2021 calendar year and thereafter. Existing law provides that the additional amount for the 2021 calendar year and thereafter is available only if the Budget Act or related legislation specifies an amount available for allocation.

This bill would instead require that this additional allocation of low-income housing tax credits be $500,000,000 for the 2020 calendar year through the 2030 calendar year, and up to $500,000,000 for the 2031 calendar year and every year thereafter. The bill would limit the requirement that this additional allocation is subject to the Budget Act or related legislation to allocations for the 2021 through the 2025 calendar years, and the 2031 calendar year and every year thereafter, thereby eliminating this requirement for the 2026 calendar year through the 2030 calendar year.

Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals that the tax expenditure will achieve, detailed performance indicators, and data collection requirements.

This bill would include additional information required for any bill authorizing a new tax expenditure.

This bill would provide that its provisions would become operative only if AB 3190 is enacted and becomes effective on or before January 1, 2025.

This bill would incorporate additional changes to Sections 12206, 17058, and 23610.5 of the Revenue and Taxation Code proposed by AB 3035 to be operative only if this bill and AB 3035 are enacted and this bill is enacted last.

This bill would take effect immediately as a tax levy.