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 insurance, income, and corporation tax credits among low-income housing projects based on federal law. This bill would authorize the California Tax Credit Allocation Committee, in any year beginning before January 1, 2016, in which it has a surplus of state insurance, income, and corporation tax credits to be allocated pursuant to the above provisions, with the approval of the applicant, to allocate those credits in excess of 30% of the eligible basis of a new building or rehabilitation expenditure and reduce the amount of federal credits accordingly to ensure that the combined amount of state and federal credits do not exceed the total credits allowable, provided the state credits shall not exceed 80% of the eligible basis, as prescribed. This bill would take effect immediately as a tax levy.
From committee without further action.
Held in committee and under submission.
(Suspense - for vote only).
Set for hearing May 27.
Placed on APPR suspense file.
Set for hearing May 24.
From committee: Do pass as amended, but first amend, and re-refer to Com. on APPR. (Ayes 4. Noes 0. Page 3419.)
Set for hearing April 28.
Withdrawn from committee.
From committee: Do pass, but first be re-referred to Com. on APPR. (Ayes 8. Noes 0. Page 3103.) Re-referred to Com. on APPR.
Set for hearing April 6.
To Com. on T. & H.
From print. May be acted upon on or after March 21.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
|Bill Text Versions||Format|
|02/18/10 - Introduced|
|04/05/10 - Amended Senate|
|05/12/10 - Amended Senate|
|No related documents.|
Data on Open States is updated nightly from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.