SB 17: Senior housing: tax credits.

Existing law, enacted to implement a specified low-income housing tax credit established by federal law, requires the California Tax Credit Allocation Committee to annually determine and allocate the state ceiling in accordance with those provisions and in conformity with federal law. Existing law authorizes the committee to adopt, amend, or repeal rules and regulations for the allocation of housing credits. Existing law requires that specified amounts of the low-income housing tax credits be set aside for allocation to rural areas, small developments, and farmworker housing, as specified.

This bill would require the committee to revise its regulations to increase the housing type goal for senior developments to 20 percent.

This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIIIA of the California Constitution, and thus would require for passage the approval of ²/₃ of the membership of each house of the Legislature.