AB 952 — Low-income housing tax credits.

Summary

Existing law establishes a low-income housing tax credit program, administered by the California Tax Credit Allocation Committee, which provides procedures and requirements for the allocation of state tax credit amounts among low-income housing projects based on federal law, as modified. Existing law, among other things, allows the credit based on the applicable percentage, as defined. Existing insurance taxation law prohibits a credit from being allocated under this law to buildings located in a difficult development area or a qualified census tract, as defined, for which the eligible basis of a new building or the rehabilitation expenditure of an existing building is 130% of a specified amount, unless the committee reduces the amount of federal credit, with the approval of the applicant, so that the combined amount of federal and state credit does not exceed the total credit allowable pursuant to this section and the Internal Revenue Code. The Personal Income Tax Law and the Corporation Tax Law allow a credit for buildings located in designated difficult development areas or qualified census tracts, as defined, allocated in specified amounts, provided that the amount of credit allocated under the Section 42 of the Internal Revenue Code is computed on 100% of the qualified basis of the building. This bill would, under the insurance taxation law, allow a credit for buildings located in designated difficult development areas or qualified census tracts allocated in the specified amounts, provided that the amount of credit allocated under Section 42 of the Internal Revenue Code is computed on 100% of the qualified basis of the building. This bill would, under the insurance taxation law, the Personal Income Tax Law, and the Corporation Tax Law, authorize the California Tax Credit Allocation Committee to allocate a credit for buildings located in designated difficult development areas or qualified census tracts that are restricted to having 50% of its occupants be special needs households, as defined, even if the taxpayer receives specified federal credits, if the credit allowed under this section does not exceed 30% of the eligible basis of that building. This bill would, for purposes of all 3 laws, allow the California Tax Credit Allocation Committee to exchange federal low-income housing credits for state low-income housing credits, as specified. This bill would take effect immediately as a tax levy.

Bill Text

• Chaptered 10/12/13 - Chaptered Current pdf October 12, 2013
• Enrolled 09/18/13 - Enrolled pdf September 18, 2013
• Amended 06/26/13 - Amended Senate pdf June 26, 2013
• Amended 05/02/13 - Amended Assembly pdf May 02, 2013
• Amended 03/18/13 - Amended Assembly pdf March 18, 2013
• Introduced 02/22/13 - Introduced pdf February 22, 2013
• AB952 View text html

Action History

1. October 12, 2013

   Chaptered by Secretary of State - Chapter 771, Statutes of 2013.

2. October 12, 2013

   Approved by the Governor.

3. September 26, 2013

   Enrolled and presented to the Governor at 4:30 p.m.

4. September 12, 2013

   Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 78. Noes 0. Page 3331.).

5. September 12, 2013

   In Assembly. Concurrence in Senate amendments pending.

6. September 12, 2013

   Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 2404.).

7. September 10, 2013

   Ordered to special consent calendar.

8. September 03, 2013

   Read second time. Ordered to third reading.

9. August 30, 2013

   From committee: Do pass. (Ayes 7. Noes 0.) (August 30).

10. August 26, 2013

    In committee: Placed on APPR. suspense file.

11. August 14, 2013

    From committee: Do pass and re-refer to Com. on APPR. with recommendation: to consent calendar. (Ayes 7. Noes 0.) (August 14). Re-referred to Com. on APPR.

12. June 26, 2013

    Read second time and amended. Re-referred to Com. on GOV. & F.

13. June 25, 2013

    From committee: Do pass as amended and re-refer to Com. on GOV. & F. with recommendation: to consent calendar. (Ayes 9. Noes 0.) (June 25).

14. June 13, 2013

    Referred to Coms. on T. & H. and GOV. & F.

15. May 29, 2013

    In Senate. Read first time. To Com. on RLS. for assignment.

16. May 29, 2013

    Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0. Page 1693.)

17. May 24, 2013

    Read second time. Ordered to third reading.

18. May 24, 2013

    From committee: Do pass. (Ayes 17. Noes 0.) (May 24).

19. May 24, 2013

    In committee: Set, first hearing. Referred to APPR. suspense file.

20. May 14, 2013

    From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (May 13). Re-referred to Com. on APPR.

21. May 13, 2013

    In committee: Set, first hearing. Referred to REV. & TAX. suspense file.

22. May 06, 2013

    Re-referred to Com. on REV. & TAX.

23. May 02, 2013

    From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

24. April 03, 2013

    From committee: Do pass and re-refer to Com. on REV. & TAX. (Ayes 7. Noes 0.) (April 3). Re-referred to Com. on REV. & TAX.

25. March 19, 2013

    Re-referred to Com. on H. & C.D.

26. March 18, 2013

    From committee chair, with author's amendments: Amend, and re-refer to Com. on H. & C.D. Read second time and amended.

27. March 07, 2013

    Referred to Coms. on H. & C.D. and REV. & TAX.

28. February 25, 2013

    Read first time.

29. February 24, 2013

    From printer. May be heard in committee March 26.

30. February 22, 2013

    Introduced. To print.

Sponsors

• Atkins · Primary

Votes

Subjects