California 2015-2016 Regular Session Status: To Executive

SB 377 — Income taxes: insurance taxes: credits: low-income housing: sale of credit.

Last action — Last day to consider Governors veto pursuant to Joint Rule 58.5.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2015-2016 Regular Session. It reached “To Executive” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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 of state insurance, income, and corporation tax credit amounts among low-income housing projects based on federal law. This bill, beginning on or after January 1, 2016, and before January 1, 2026, would allow a taxpayer that is allowed a low-income housing tax credit to elect to sell all or a portion of that credit to one or more unrelated parties, as described, for each taxable year in which the credit is allowed for not less than 80% of the amount of the credit to be sold, and would provide for the one-time resale of that credit, as provided. The bill would require the California Tax Credit Allocation Committee to enter into an agreement with the Franchise Tax Board to pay any costs incurred by the Franchise Tax Board in administering these provisions. The bill would require the California Tax Credit Allocation Committee to report to the Legislature on the total amounts of credits allowed to, and sold by, taxpayers pursuant to these provisions, as specified. Existing law, in the case of a partnership, requires the allocation of the credits, on or after January 1, 2009, and before January 1, 2016, to partners based upon the partnership agreement, regardless of how the federal low-income housing tax credit, as provided, is allocated to the partners, or whether the allocation of the credit under the terms of the agreement has substantial economic effect, as specified. This bill would extend these provisions indefinitely. This bill would take effect immediately as a tax levy.

Bill Text

Action History

  1. Last day to consider Governors veto pursuant to Joint Rule 58.5.

  2. In Senate. Consideration of Governor's veto pending.

  3. Vetoed by the Governor.

  4. Enrolled and presented to the Governor at 4:45 p.m.

  5. Assembly amendments concurred in. (Ayes 38. Noes 0. Page 2775.) Ordered to engrossing and enrolling.

  6. In Senate. Concurrence in Assembly amendments pending.

  7. Read third time. Passed. (Ayes 79. Noes 0. Page 3180.) Ordered to the Senate.

  8. Read second time and amended. Ordered to third reading.

  9. From committee: Do pass as amended. (Ayes 16. Noes 0.) (September 11).

  10. Assembly Rule 63 suspended.

  11. Joint Rule 62(a) suspended.

  12. Joint Rule 61(a) suspended. (Ayes 75. Noes 0. Page 3102.)

  13. Read second time and amended. Re-referred to Com. on APPR.

  14. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 8. Noes 0.) (August 17).

  15. August 17 set for first hearing. Placed on REV. & TAX. suspense file.

  16. From committee: Do pass and re-refer to Com. on REV. & TAX. (Ayes 7. Noes 0.) (July 1). Re-referred to Com. on REV. & TAX.

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

  18. In Assembly. Read first time. Held at Desk.

  19. Read third time. Passed. (Ayes 38. Noes 1. Page 1253.) Ordered to the Assembly.

  20. Read second time and amended. Ordered to third reading.

  21. From committee: Do pass as amended. (Ayes 6. Noes 1. Page 1153.) (May 28).

  22. Set for hearing May 28.

  23. May 18 hearing: Placed on APPR. suspense file.

  24. From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR.

  25. Set for hearing May 18.

  26. May 11 set for first hearing canceled at the request of author.

  27. Set for hearing May 11.

  28. Read second time and amended. Re-referred to Com. on APPR.

  29. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 0. Page 725.) (April 22).

  30. Set for hearing April 22.

  31. From committee with author's amendments. Read second time and amended. Re-referred to Com. on GOV. & F.

  32. Re-referred to Com. on GOV. & F.

  33. Re-referred to Com. on RLS.

  34. Withdrawn from committee.

  35. From committee with author's amendments. Read second time and amended. Re-referred to Com. on T. & H.

  36. Referred to Com. on T. & H.

  37. From printer. May be acted upon on or after March 27.

  38. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Beall · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Beall

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Unfinished Business (Supplemental File 4) SB377 Beall Concurrence

Passed 38 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 35002
Democratic 3000
Total 38002
% of votes cast 95%0%0%5%
How each member voted (40)
Member Party Vote
Anderson — Yea
Bates — Yea
Hertzberg — Yea
Hueso — Yea
Leno — Yea
Morrell — Yea
Pavley — Yea
Vidak — Yea
Wieckowski — Yea
Glazer — Yea
Cannella — Yea
Fuller — Yea
Allen — Yea
Hill — Yea
Lara — Yea
Pan — Yea
De León — Yea
Runner — Yea
Galgiani — Yea
Mitchell — Not Voting
Hall — Yea
Hancock — Yea
Hernandez — Yea
Beall — Yea
Block — Yea
Huff — Yea
Leyva — Yea
Liu — Yea
Mendoza — Yea
Monning — Yea
Moorlach — Yea
Nielsen — Yea
Roth — Yea
Wolk — Not Voting
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

SB 377 Beall Senate Third Reading By CHIU

Passed 79 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 70001
Democratic 4000
Republican 5000
Total 79001
% of votes cast 99%0%0%1%
How each member voted (80)
Member Party Vote
Achadjian — Yea
Alejo — Yea
Baker — Yea
Bloom — Yea
Brough — Yea
Brown — Yea
Kim — Yea
Levine — Yea
Low — Yea
Mathis — Yea
Quirk — Yea
Thurmond — Yea
Waldron — Yea
Chau — Yea
Eggman — Yea
Chiu — Yea
Cooper — Yea
Daly — Yea
Salas — Yea
Mayes — Yea
Olsen — Yea
Harper — Yea
Chu — Yea
Linder — Yea
Rodriguez — Yea
Weber — Yea
Cooley — Yea
McCarty — Yea
Nazarian — Yea
O'Donnell — Yea
Obernolte — Yea
Perea — Yea
Rendon — Yea
Ridley-Thomas — Yea
Wilk — Yea
Gatto — Yea
Burke — Yea
Gordon — Yea
Gray — Yea
Atkins — Yea
Campos — Yea
Bonilla — Yea
Holden — Yea
Lopez — Yea
Chang — Yea
Jones-Sawyer — Yea
Bigelow — Yea
Chávez — Yea
Dababneh — Yea
Dodd — Yea
Maienschein — Yea
Medina — Yea
Melendez — Yea
Mullin — Yea
Santiago — Yea
Steinorth — Yea
Ting — Yea
Wagner — Yea
Williams — Not Voting
Wood — Yea
Frazier — Yea
Gomez — Yea
Hadley — Yea
Beth Gaines — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Lorena Gonzalez — Yea
Mark Stone — Yea
Roger Hernández — Yea
Travis Allen — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gipson, Mike A. Democratic Yea
Irwin, Jacqui Democratic Yea
Dahle, Megan Republican Yea
Gallagher, James Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Lackey, Tom Republican Yea

Official roll call →

Do pass as amended.

Passed 16 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 12001
Democratic 2000
Republican 2000
Total 16001
% of votes cast 94%0%0%6%
How each member voted (17)
Member Party Vote
Bloom — Yea
Holden — Yea
Quirk — Yea
Weber — Yea
Eggman — Not Voting
Gomez — Yea
Chang — Yea
Bigelow — Yea
Daly — Yea
Rendon — Yea
Wagner — Yea
Wood — Yea
Eduardo Garcia — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gallagher, James Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

3rd Reading

Passed 38 Yea · 1 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 35101
Democratic 3000
Total 38101
% of votes cast 95%3%0%3%
How each member voted (40)
Member Party Vote
Bates — Yea
Hernandez — Yea
Hill — Yea
Lara — Yea
Nielsen — Nay
Wolk — Yea
Galgiani — Not Voting
Glazer — Yea
Fuller — Yea
Cannella — Yea
Allen — Yea
Mitchell — Yea
Anderson — Yea
Pan — Yea
Leno — Yea
Hall — Yea
Hancock — Yea
Hertzberg — Yea
Hueso — Yea
Beall — Yea
Block — Yea
Huff — Yea
Leyva — Yea
Liu — Yea
Mendoza — Yea
Monning — Yea
Morrell — Yea
Roth — Yea
Vidak — Yea
Wieckowski — Yea
Moorlach — Yea
Pavley — Yea
De León — Yea
Runner — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

Do pass as amended

Passed 6 Yea · 1 Nay
Party YeaNayPresentNot Voting
Unaffiliated 6100
Total 6100
% of votes cast 86%14%0%0%
How each member voted (7)
Member Party Vote
Lara — Yea
Nielsen — Nay
Hill — Yea
Leyva — Yea
Bates — Yea
Beall — Yea
Mendoza — Yea

Official roll call →

Placed on suspense file

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 7000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Beall — Yea
Hill — Yea
Lara — Yea
Leyva — Yea
Bates — Yea
Mendoza — Yea
Nielsen — Yea

Official roll call →

Subjects

taxation housing
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Frequently asked questions

What does SB 377 do?
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 of state insurance, income, and corporation tax credit amounts among low-income housing projects based on federal law. This bill, beginning on or after January 1, 2016, and before January 1, 2026, would allow a taxpayer that is allowed a low-income housing tax credit to elect to sell all or a portion of that credit to one or more unrelated parties, as described, for each taxable year in which the credit is allowed for not less than 80% of the amount of the credit to be sold, and would provide for the one-time resale of that credit, as provided. The bill would require the California Tax Credit Allocation Committee to enter into an agreement with the Franchise Tax Board to pay any costs incurred by the Franchise Tax Board in administering these provisions. The bill would require the California Tax Credit Allocation Committee to report to the Legislature on the total amounts of credits allowed to, and sold by, taxpayers pursuant to these provisions, as specified. Existing law, in the case of a partnership, requires the allocation of the credits, on or after January 1, 2009, and before January 1, 2016, to partners based upon the partnership agreement, regardless of how the federal low-income housing tax credit, as provided, is allocated to the partners, or whether the allocation of the credit under the terms of the agreement has substantial economic effect, as specified. This bill would extend these provisions indefinitely. This bill would take effect immediately as a tax levy.
Who sponsors SB 377?
SB 377 is sponsored by Beall.
What is the current status of SB 377?
This bill died with 2015-2016 Regular Session. It reached “To Executive” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 377?
Track SB 377 free on One Click Politics — get push/email alerts when it moves.

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