AB 1911

  • California Assembly Bill
  • 2021-2022 Regular Session
  • Introduced in Assembly
  • Assembly
  • Senate
  • Governor

Income taxes: credits: low-income housing.

Abstract

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill, for taxable years beginning on or after January 1, 2023, and before January 1, 2028, would allow a credit against those taxes to a taxpayer that is transferred, and allocated, credits pursuant to the sale of a specified multifamily rental housing development to a qualified developer, that has received a credit reservation from the California Tax Credit Allocation Committee, in specified amounts. The bill would define a qualified developer for purposes of this bill, in part, as a specified entity that commits, at application to the committee and under penalty of perjury, to employing a tax credit reservation allowed by the bill in the acquisition of a qualified development. By expanding the crime of perjury, this bill would impose a state-mandated local program. The bill would require the credits to be reserved on a first-come-first-served basis. The bill would limit the aggregate amount of credit that may be allocated by the committee, as provided. The bill would also provide that the credit amount shall be $0 for each taxable year beginning on or after January 1, 2023, and before January 1, 2028, unless otherwise specified in a bill providing for appropriations related to the Budget Act. Existing law requires that any bill introduced on or after January 1, 2020, that would authorize certain tax expenditures, as defined, or tax exemptions contain, among other things, specific goals, purposes, and objectives that the tax expenditure or exemption will achieve, detailed performance indicators, and data collection requirements. This bill would include additional information required for any bill authorizing a new tax expenditure. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. This bill would take effect immediately as a tax levy.

Bill Sponsors (18)

Votes


Actions


May 19, 2022

Assembly

In committee: Held under submission.

Assembly

Joint Rule 62(a), file notice suspended.

May 18, 2022

Assembly

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

  • Referral-Committee
suspense file.

May 05, 2022

Assembly

From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (May 5). Re-referred to Com. on APPR.

  • Committee-Passage
  • Committee-Passage-Favorable
  • Referral-Committee
Com. on APPR.

Apr 20, 2022

Assembly

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

  • Referral-Committee
Com. on REV. & TAX.

Apr 19, 2022

Assembly

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

Mar 22, 2022

Assembly

In committee: Hearing for testimony only.

Mar 08, 2022

Assembly

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

  • Referral-Committee
Com. on REV. & TAX.

Mar 07, 2022

Assembly

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

Feb 18, 2022

Assembly

Referred to Com. on REV. & TAX.

  • Referral-Committee
Com. on REV. & TAX.

Feb 10, 2022

Assembly

From printer. May be heard in committee March 12.

Feb 09, 2022

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB1911 HTML
02/09/22 - Introduced PDF
03/07/22 - Amended Assembly PDF
04/19/22 - Amended Assembly PDF

Related Documents

Document Format
03/18/22- Assembly Revenue and Taxation PDF
05/04/22- Assembly Revenue and Taxation PDF
05/16/22- Assembly Appropriations PDF

Sources

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